Symrise AG has secured the financing for acquiring the Diana Group, a sensory solutions company using natural ingredients, by successfully issuing a bond.
The €500 million (US$679.23 million) bond was oversubscribed several times.
Part of a comprehensive financing concept totaling €1.3 billion (US$1.77 billion), it will be used by Symrise to finance the largest acquisition in the company’s history over the long term.
Due to a capital increase based on authorized capital, which was equally well received by the market, Symrise achieved proceeds from the issue of around €400 million (US$543.39 million) in May 2014.
In June 2014, the company secured short and medium-term borrowings from its primary banks amounting to €400 million.
The bond financing has a term of five years and a coupon of 1.75 %.
The issuance was supported by Mitsubishi UFJ Securities International plc and UniCredit Bank AG as active bookrunners together with Banco Santander S.A., BNP Paribas, Landesbank Hessen-Thüringen and J.P. Morgan Securities plc.
The bond shall be listed and admitted for trading on the official list of the Lux-embourg Stock Exchange (ISIN DE000SYM7704).
As part of its refinancing activities, Symrise successfully issued its first corporate bond in October 2010 with a maturity of seven years.