The decision was taken at a management board meeting of Bayer on January 9. Three days later telexes were on their way from Deutsche Bank inviting underwriting in $200 million of 10-year bonds in the name of Bayer International Finance NV, Curação. The coupon was set at 7¼% with an indicated par pricing, and each $1,000 bond would have warrants attached entitling the holder to subscribe for 13 shares of the Bayer parent company.
The chemical concern had been waiting offstage for some time.
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