Yesterday, FMC successfully placed its fixed rate EUR and USD denominated senior unsecured notes. It had initially planned to sell a three-tranche bond consisting of USD 300 mn and EUR 300 mn senior fixed-rate bonds with 7-year maturities and a EUR 100 mn 3-year floating-rate note (FRN). Subsequently, the FRN tranche was allocated to the fixed-rated EUR and USD tranche upsizing the EUR and USD offering to EUR 400 mn each. Both the EUR and USD notes were priced at 98.623 at a coupon of 6.5%, at spreads of 539 bps and 533 bps, respectively.
Fresenius successfully places notes
9th September 2011