The PHOENIX group is taking advantage of the current attractive market environment and has successfully issued another corporate bond. This bond marks the third successful emission by the pharmaceutical trader. After the issuance of the inaugural bond in July 2010, the PHOENIX group strengthened its access to the capital market with an additional bond that was issued in May 2013.
Helmut Fischer, CFO of the PHOENIX group, led the one-day net road show: “Owing to the high demand, the issue was solidly oversubscribed. The order book comprised more than 130 orders from Germany and abroad, with considerable interest from the German-speaking regions. The issuance of the new bond and the early extension of our syndicated loan agreement in April 2014 with a new residual term of five years enabled us to further improve our maturity profile.”
The seven-year bond has a volume of EUR 300 million. The settlement date of the bond is 30 July 2014. The interest coupon is 3.625 % p.a. with an initial yield of 3.75 % p.a. The minimum investment amounts to EUR 100,000.
“We consider the high level of interest in another PHOENIX bond as a clear sign of confidence from the capital market. The new bond issue allows us to further optimise our capital structure, which puts us in an excellent position for the successful future development of the group”, says Oliver Windholz, CEO of the PHOENIX group.
Both Standard & Poor’s and Fitch have assigned a rating of “BB” (with stable outlook) to the new bond, which corresponds to the respective company rating and the ratings for the bond issued in 2013.
The bond is issued by PHOENIX PIB Dutch Finance B.V., Netherlands, which was likewise responsible for the issuance of the bond in 2013. The bond 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 book runners Commerzbank, Credit Suisse, and ING Bank.
