Schindler attracts all but equity funds to Also exchangeable

28 May 2013

Fixed income buyers, private banks and wealth managers helped push books to a seven-times subscribed level for the latest equity linked deal as Swiss elevator firm Schindler on Wednesday sold a Sfr217m exchangeable into Also Holding.

The four year deal came with little value in the equity option — it was priced with a bond floor at 99.2 — but gives Schindler a way to monetise a non-core, illiquid stake. The elevator firm holds 28.4% of Also, all of which underlies the new issue, ...

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