CWB Issues €850M Bonds
CWB issues €850M senior unsecured convertible bonds due June 2031
Bonds were upsized from a previously announced €750M aggregate principal amount and were offered through an accelerated bookbuilding process to institutional investors outside the US under Regulation S. - - Bonds will be issued at 100% of principal in €100,000 denominations, bear no periodic interest, and mature June 30th, 2031 at 109.78% of principal, implying a 1.875% annual yield to maturity if not converted. - - Initial conversion price is €28.0402, a 37.5% premium to the €20.3929 reference share price; initial effective conversion price is €30.7826. - - Settlement is expected on or around June 30th, with planned inclusion to trading on the Open Market segment of the Frankfurt Stock Exchange. - - Net proceeds are intended for general corporate purposes including debt refinancing.