AMS Osram - comment

Not ideal timing, but with approval for the rights issue now in place, we expect AMS Osram to launch its high-yield bond offering in the coming days.  As a reminder, AMS Osram presented a recapitalisation plan that was more comprehensive than we had expected. The Company is planning to raise €800m in a discounted rights issue and €800m in new HY bonds, coupled with a sale and leaseback of €300m, which will deal with upcoming maturities in FY23-25.