DSM Gains Financial Flexibility with $635-Million Bond

DSM has successfully issued a €500 Million ($635 million), 5.75% bond due in 2014, which it will use to refinance company debt. The bond was listed earlier today on Euronext Amsterdam. “The high demand from investors exceeded the companies' optimistic expectation,” DSM says. DSM says it will use the proceeds from the bond to refinance loans maturing in 2009. The company also plans to use cash from the bond to convert a substantial part of the firm's short term funding position into a long-term position, “as this fits within DSM's...

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