AMS Osram - comment

The private placement of €200m additional senior Notes, due in 2029 removes the uncertainty of AMS Osram’s liquidity in the short term.  We are a little surprised that they have resorted to the high yield market, having expected the banks to extend the short-term facilities to 2028.  There isn’t much detail on pricing but with the existing 2029 bonds trading above par, we suspect the issue price was close to par.