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...
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