Bayer raises frst equity component of Monsanto deal funding

摘要

Bayer said today that it has completed the placement of ?4 bil- lion ($4.3 billion) mandatory convertible notes with institutional investors, excluding the pre-emptive rights of the shareholders of Bayer AG. Issuance of the notes represents the frst component of the previously announced equity capital measures of around $19 billion in connection with the contemplated Monsanto acquisi- tion. The net proceeds of the ofering are intended for the early replacement of a portion of the undrawn commitments under the syndicated term loan facility agreement entered into by Bayer. “The strong interest in the mandatory convertible notes confrms the capital market’s confdence in Bayer. The transaction was multiple times oversubscribed, demonstrating the attractiveness of the notes to investors,” said Bayer CFO Johannes Dietsch.