Evonik Industries offers to buy back €500m

12 Oct 2011

Evonik Industries has launched a buyback of up to €500m of its €1.25bn 5.125% 2013 notes. The German speciality chemical company is offering a purchase spread of 95bp over the interpolated mid-swap rate on October 21.

The tender runs from October 12 to October 20. Evonik, rated Baa3/BBB, said it may choose to extend the tender for retail investors until November 9. Commerzbank, Deutsche Bank and WestLB are the dealer managers.

“It’s a buyback which is not linked to a new bond — unlike Sandvik,” ...

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