Symrise AG Agrees Term Note of US$175 million

The term note has a duration of 10 years and will be used to refinance existing debt. The note has a coupon of 170 basis points above the ten year US-Treasury-Bond and was offered to US investor Prudential Invesment Management Inc. in a private placement.

Oct 13 2010 --- As part of its refinancing concept, Symrise AG has agreed a senior term note of USD 175 million with Prudential Investment Management Inc. In addition to the planned bond issue, the US Private Placement represents another element of the refinancing concept that aims at an early redemption of the existing debt and establishes a longer-term financing for the Company.

The term note has a duration of 10 years and will be used to refinance existing debt. The note has a coupon of 170 basis points above the ten year US-Treasury-Bond and was offered to US investor  Prudential Invesment Management Inc. in a private placement. 

Bernd Hirsch, Chief Financial Officer of Symrise AG said: „It is our objective to widen the basis of Symrise’s financing and to secure it in the long term. As part of our refinancing concept we have therefore decided to use different financing sources and -measures. With this 10 year senior term note, we have finalized another financing instrument at attractive conditions which complements our planned bond offering very well. “ 

The main part of Symrise’s refinancing concept is the bond issue, regarding which the Company is currently in talks with investors in Germany and Europe. Symrise intends to redeem a total of 550 million € of debt which matures at the end of 2011.