.
- Total volume of €750 million
- Term of seven years, coupon of 3.125 percent per annum
- Proceeds will be used to refinance one of the bonds issued in October 2010
Continental, the international automotive supplier, tire manufacturer, and industrial partner, has successfully placed another Eurobond with a nominal amount of
€750 million with institutional and retail investors, thereby reducing its interest costs. The bond issued by Continental AG under the Debt Issuance Program established in May has a term of seven years and an interest rate of 3.125 percent per annum. Interest will be payable annually in arrears. The issue price is 99.228 percent. The bond is expected to be issued on September 9, 2013. It shall be listed on the Regulated Market of the Luxembourg Stock Exchange. Bank of America Merrill Lynch, Commerzbank AG, Credit Agricole CIB, DZ Bank AG, Mediobanca and The Royal Bank of Scotland act as joint bookrunners on that transaction.
The proceeds generated by this issue will be used for the early redemption of the eight-year bond issued in October 2010. This will simultaneously help to further improve the maturity profile of financial liabilities. The Eurobond (ISIN DE000A1A1P25) issued by Conti-Gummi Finance B.V. with a coupon of 7.125 percent and a nominal volume of €625 million will be redeemed early on November 8, 2013, five years before its original maturity. The redemption price is 103.563 percent. The corresponding notification has been sent today to the joint representative and the clearing system for notification to the bondholders. No decision has yet been made regarding the early redemption of bonds that have also been issued in October 2010 with a coupon of 6.5% and with a term of six years.
Continental set up a debt issuance program with a total volume of €5 billion in May of this year. This enables Continental to respond even more flexibly to market developments and to place short, medium, and long-term bonds on the capital market quickly. Continental already issued a five-year Eurobond with a nominal volume of €750 million and a coupon of 3% under this program in July.
- Total volume of €750 million
- Term of seven years, coupon of 3.125 percent per annum
- Proceeds will be used to refinance one of the bonds issued in October 2010
Continental, the international automotive supplier, tire manufacturer, and industrial partner, has successfully placed another Eurobond with a nominal amount of
€750 million with institutional and retail investors, thereby reducing its interest costs. The bond issued by Continental AG under the Debt Issuance Program established in May has a term of seven years and an interest rate of 3.125 percent per annum. Interest will be payable annually in arrears. The issue price is 99.228 percent. The bond is expected to be issued on September 9, 2013. It shall be listed on the Regulated Market of the Luxembourg Stock Exchange. Bank of America Merrill Lynch, Commerzbank AG, Credit Agricole CIB, DZ Bank AG, Mediobanca and The Royal Bank of Scotland act as joint bookrunners on that transaction.
The proceeds generated by this issue will be used for the early redemption of the eight-year bond issued in October 2010. This will simultaneously help to further improve the maturity profile of financial liabilities. The Eurobond (ISIN DE000A1A1P25) issued by Conti-Gummi Finance B.V. with a coupon of 7.125 percent and a nominal volume of €625 million will be redeemed early on November 8, 2013, five years before its original maturity. The redemption price is 103.563 percent. The corresponding notification has been sent today to the joint representative and the clearing system for notification to the bondholders. No decision has yet been made regarding the early redemption of bonds that have also been issued in October 2010 with a coupon of 6.5% and with a term of six years.
Continental set up a debt issuance program with a total volume of €5 billion in May of this year. This enables Continental to respond even more flexibly to market developments and to place short, medium, and long-term bonds on the capital market quickly. Continental already issued a five-year Eurobond with a nominal volume of €750 million and a coupon of 3% under this program in July.
