Evonik reaps €80m in institutional buyback, now for retail

27 Oct 2011

Evonik Industries completed the first phase of a bond buyback on October 21, harvesting €80.304m of paper.

The German speciality chemicals group, which comprises former parts of RAG and Degussa, hopes to buy back up to €500m of its €1.25bn December 2013 bond, which was launched in 2003. It has excess cash and wants to reduce debt.

Dealer managers Commerzbank, Deutsche Bank and WestLB have now ...

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