IHS Chemical Week

People & Business :: M&A

Bayer issues hybrid capital of €3.25 billion to finance Merck & Co.'s consumer-care acquisition

2:24 PM MDT | June 25, 2014 | Natasha Alperowicz

Bayer said today that it has issued two hybrid bonds with a total volume of €3.25 billion ($4.43 billion) as the first step in refinancing the $14.2-billion bridge loan arranged to finance its acquisition of the consumer-care business of Merck & Co. Bayer says this deal is the largest corporate euro hybrid bond transaction worldwide. The bonds are structured to receive equity credit of 50% from the relevant rating agencies so that Bayer’s single-A rating remains intact. Investor demand for the bonds was exceptionally strong, and the orderbook was...

This information is only available to Chemical Week subscribers.

Username:
Password:

Forgot your user ID or password?
Click here to have it sent to you.



Not an IHS Chemical Week member yet?

Here's why you should be:

  • 31 issues of Chemical Week magazine in print or digital format
  • Critical daily news and analysis on chemweek.com
  • Free mobile edition 
  • 20+ years of online archives
  • Topical e-newsletters that capture the most impactful events
  • Special issues with a regional or company focus
  • Global Outlook issue

Subscribe now

100% Satisfaction Guarantee
If at any time you are not completely satisfied with IHS Chemical Week, simply notify us and we'll refund the balance of your paid subscription - no problem.

Learn more about group subscriptions and site licenses.

 














 
contact us | about us | customer care | privacy policy | sitemap | advertise

ihsCopyright © 2015 IHS, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

North Asia Russia Southeast Asia China India/Pakistan Middle East Eastern Europe Western Europe Central America Canada USA Australia/New Zealand South America Africa