Essen, Germany — Evonik Industries has announced a bond issue with a value up to EUR 1.9bn ($ 2.2bn). The move is part of the strategy around its acquisition of Air Products’ specialty and coating additives business.
The bond offer comprises three tranches with a minimum volume of EUR 500m each, the firm said.
The three tranches, with maturities of 4.5, 8 and twelve years, are being marketed to investors. The acquisition price of approximately EUR 3.5bn will be paid via cash reserves of EUR 1.6bn as well as with the proceeds of the bonds.
Evonik employs more than 33,500 people and the firm generated sales of around EUR 13.5bn in 2015 with an operating profit (adjusted EBITDA) of about EUR 2.47bn.
UTECH-polyurethane.com reported Evonik’s M&A plans in May.
XE Currency conversion: 30 August, 2016