Evonik arranges investor calls ahead of green notes offering

By Marisa Wong

Los Angeles, Aug. 24 – Evonik Industries AG intends to issue new euro-denominated green subordinated resettable fixed-rate notes, according to a notice.

The company announced on Tuesday that it mandated joint bookrunners to arrange a series of fixed-income investor calls.

The company also announced a cash tender offer for its €500 million subordinated resettable fixed-rate notes due 2077. The tender offer is conditioned on the new issuance.

Holders who participate in the tender offer may be eligible to receive priority allocation of the new notes.

The company said the purpose of the tender offer and the new issuance is to proactively manage its layer of hybrid capital. The transaction also gives noteholders the opportunity to sell their current holdings ahead of the existing notes’ first par call date on Aug. 7, 2022 and to subscribe to the new green notes.

Evonik is a specialty chemicals company based in Essen, Germany.

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