Global law firm White & Case has advised Symrise AG (Symrise), a global supplier of fragrances and flavorings, on its €400 million debut issuance of convertible bonds.
The unsecured convertible bonds have a maturity of seven years with a denomination of €100,000 each, and have been placed with institutional investors under exclusion of shareholders' pre-emptive rights. Conversion of the bonds has been excluded for the first five years. The coupon amounts to 0.2375 percent per annum, payable annually in arrears. The initial conversion price has been fixed at €91.8595 with an issue price of 100 percent.
Symrise will use the net proceeds raised via the issuance to refinance existing loans and capital markets indebtedness, and for its general corporate purposes. The convertible bonds will be admitted to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. BNP Paribas and Deutsche Bank AG acted as joint bookrunners.
Symrise, headquartered in Holzminden, Germany, is a global supplier of fragrances, flavorings, cosmetic base materials and substances as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements and pet food. With sales of more than €2.9 billion during 2016, Symrise is among the global leaders in the market for flavors and fragrances. The group is present in more than 40 countries in Europe, Africa, the Middle East, Asia, the US and Latin America.
The White & Case team which advised on the transaction was led by partner Karsten Woeckener (Frankfurt) and included partners Alexander Kiefner, Rebecca Emory (both Frankfurt) and Raymond Simon (New York), with support from associates Cristina Freudenberger, Michael Steiner, Peter Becker, Claire-Marie Mallad (all Frankfurt) and Neha Saran (London).
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