WESEL, Germany – The specialty chemicals group ALTANA has successfully issued a German schuldschein (a traditional German floating or fixed-debt instrument) with a volume of EUR 150 million. The transaction was placed with about 100 banks, savings banks and institutional investors and was four times oversubscribed. In view of the strong demand, the loan amount was raised from EUR 100 million to a total of EUR 150 million within the framework of the securing process. The schuldschein is divided into two tranches, with a maturity of four and six years.
This is the first time ALTANA has issued a schuldschein. The action strengthens the company's long-term financing capacities and will be used to partially refinance a syndicated credit line of EUR 400 million, which, for the most part, will expire in the spring of 2013. Furthermore, the transaction enables the company to diversify its financing instruments and helps safeguard ALTANA's flexibility for further growth.
Both tranches are partially furnished with a variable interest and partially with a fixed interest rate. Due to the great level of interest in this transaction, the interest rate was set at the lower end of the marketing range. The fixed interest rate is set at an average of 2.78 percent per year.