Bayer launches 2B-euro convertible bond to finance Schering AG buy
Germany's Bayer has launched a 2.0 billion-euro ($2.4 billion) mandatory convertible bond, convertible in June 2009 into shares of Bayer AG. The bond is subordinated and enjoys a guarantee from Bayer. It offers investors an annual coupon expected to be within the range of 6.25%-6.75%. The net proceeds will be used, among others, as part of the financing of the intended acquisition of Schering AG (see also pages 2 and 3 of this issue) and is part of a previously-announced equity capital raising measures of up to 4.0 billion euros.
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