Successful EnBW bond debut on the Swiss capital market
Long-term placement with investors
Karlsruhe. Via its subsidiary EnBW International Finance B.V., EnBW Energie Baden-Württemberg AG, Karlsruhe, today issued a corporate bond with a volume of 400 million Swiss francs and a fixed term to maturity of five years.
The bond has been fully underwritten by a banking consortium headed by lead manager Bank von Ernst & Cie AG. The issuing date will be February 25, 2003 with repayment due on February 25, 2008. The bond issue comes with a 2.25% coupon, and the consortium succeeded in placing it with long-term investors at a spread of 48 bp above midswap at the lower end of the target range.
Dr. Bernd Balzereit, CFO at EnBW AG, emphasised that "the offering is one of the biggest bonds ever issued in Switzerland by a German industrial company". The target volume of 400 million Swiss francs was fully utilised. EnBW will primarily use the proceeds from the bond to refinance the acquisition of EnAlpin, the former energy division of the Swiss Lonza Group taken over by EnBW last year.
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Key data of the bond at a glance:
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Key data of the bond at a glance:
Tranche
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CHF 400 million
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Key data of the bond at a glance:
Term to maturity
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5 years
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Key data of the bond at a glance:
Coupon
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2.25%
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Key data of the bond at a glance:
Offering price
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99.7%
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Key data of the bond at a glance:
SIS securities number
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1547804 (ISIN0015478040)
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Key data of the bond at a glance:
Lead manager
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Bank von Ernst & Cie AG
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Key data of the bond at a glance:
Stock exchange
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SWX Stock Exchange
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