Linklaters advised ams OSRAM on the issuance of €1bn High Yield Bonds and €600m Revolving Credit Facility

Linklaters advised ams OSRAM on the issuance of €1m 7.25% High Yield Senior Notes due 2032 and an amendment and restatement of its €600m Revolving Credit Facility.

ams OSRAM is a global leader in Digital Photonics, delivering high-performance optical semiconductors and sensor solutions for sensing, illumination and visualization across automotive and industrial end markets, with selected high-volume consumer applications.

This issuance was the largest single-B unsecured HY in Europe for the last 5 years.  Following strong investors demand, the offering was upsized from €700m and the coupon on the new debt was brought significantly inside the cost of the debt being refinanced.

The proceeds from the offering will be used, together with cash on balance sheet, to (i) redeem in full ams OSRAM's outstanding $750m 12.250% Senior Notes due 2029, (ii) partially redeem its outstanding €1,025m 10.50% Senior Notes due 2029, and (iii) pay related costs, fees and expenses, including redemption premiums and accrued interest. 

The Linklaters team on the transaction was led by Alek Naidenov, Michal Hlasek, Kimberly Martin, Kristian Sutt and Alexandra Selezneva.