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ALTANA Successfully Places 200 Million Euro German Schuldschein



Published November 29, 2013
ALTANA has successfully issued a German Schuldschein with a volume of €200 million. The transaction, which was placed with about 130 banks, savings banks, and other institutional investors, was more than four times oversubscribed. In view of the strong demand in the course of the issuing process, the loan amount was increased from €160 million to a total of €200 million.

The purpose of this transaction is to partially refinance an acquisition loan that ALTANA had raised in the context of the acquisition of Rockwood's rheology business, which was completed on Oct. 1, 2013.

"The issuance of the Schuldschein is a further consistent step in our financing strategy that aims at a sound basis for further growth and flexible repayment options along with favorable financing terms," stated Martin Babilas, chief financial officer of ALTANA AG.

Due to the high interest in this transaction, the interest rate was set at the lower end of the marketing range. The average interest rate is 2.1% per year. The Schuldschein is divided into four tranches with maturities of 3.5 to 7 years. Of the two tranches with a term of 3.5 years, one tranche is furnished with a variable rate of interest, the other bears a fixed rate of interest. The tranches with a term of 5.5 and 7 years each have a fixed interest rate.

ALTANA had acquired the rheology business of Rockwood Holdings, Inc. for US $635 million. 


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