AMS Osram - comment

HSBC and UBS have launched the expected €800m equivalent High Yield deal for AMS, with a call this afternoon at 4 pm UK time, with investor meetings Monday-Wednesday. Proceeds, including the sale and leaseback and the underwritten rights issue, will be used to redeem the existing Notes, repay some bank debt, and for general corporate purposes. The issuing entity is ams Osram AG, the same issuer of the existing RCF and convertible bonds. 

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