Durr talks €150 million long five-year convertible notes to yield 0.25%-0.75%, up 40%-45%

By Abigail W. Adams

Portland, Me., Sept. 24 – Durr AG plans to price €150 million of convertible notes due Jan. 15, 2026 on Thursday with price talk for a coupon of 0.25% to 0.75% and an initial conversion premium of 40% to 45%, according to a market source.

BNP Paribas, Landesbank Baden-Wurttemberg and UniCredit Bank AG are joint global coordinators for the Regulation S offering.

The notes are non-callable until Feb. 5, 2024 and then subject to a 130% trigger.

They are putable upon a fundamental change.

The reference share price will be the volume-weighted average of shares on the German Electronic Exchange on Thursday.

Proceeds will be used for general corporate purposes, which may include acquisitions.

Durr AG is a Bietigheim-Bissingen, Germany-based mechanical and plant engineering firms.

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