PHOENIX group is taking advantage of the current attractive market environment and has – following its inaugural bond in July 2010 – successfully issued another corporate bond. More than 100 investors were met during a very well-received pan-European road show in Frankfurt am Main, London, Paris, and Munich.
Dr Michael Majerus, CFO of the PHOENIX group, led the road show: “Owing to the high demand, the issue was oversubscribed several times. The order book with a size of around EUR 3 billion contained approximately 370 orders from Germany and abroad and was closed just after about one hour.”
The seven-year bond has a volume of EUR 300 million. The interest coupon is 3.125 per cent p.a. with an initial yield of 3.25% p.a. The minimum investment amounts to EUR 100,000.
“We are very pleased with the success of this transaction. We were able to issue the bond with one of the lowest coupons recently observed for comparable bonds (term and rating) on the market”, commented Reimund Pohl, CEO of the PHOENIX group.
Both Standard & Poor’s and Fitch have assigned a rating of “BB” to the new bond, which corresponds to the respective company rating and the rating for the bond that was issued in 2010.
The bond is issued by PHOENIX PIB Dutch Finance B.V., Netherlands. It is guaranteed by PHOENIX Pharmahandel GmbH & Co KG as well as certain subsidiaries. It is to be listed on the Euro MTF, the non-regulated market operated by the Luxembourg Stock Exchange.
The issue was successfully supported by joint bookrunners Commerzbank AG, Crédit Agricole CIB, Helaba Landesbank Hessen-Thüringen Girozentrale, HSBC Bank plc, and Landesbank Baden-Württemberg.
