Clearwater International acted as sole financial adviser to Symrise AG on successfully issuing a non-rated €300m
7-year inaugural bond with a coupon of 4.125%. The bond was offered to institutional and retail investors in Europe.
Clearwater International ensured a smooth and efficient transaction process by coordinating the involved parties. Continuous benchmarking of terms and conditions, secured a fixing of the most favourable terms for the company.
The bond is the core element of Symrise’s refinancing concept which aims to early redeem existing debt and to establish a longer term financing for the company. Besides the bond, the refinancing concept includes a USD-private placement and a revolving credit facility.
Symrise AG is a global supplier of fragrances, flavourings and raw materials as well as active ingredients for the perfume, cosmetics and food industry. With sales of €1.36bn in 2009 the company ranks among the top four in the international flavour and fragrance market.
Clearwater International, led by partner Dierk Rottmann with support from Norbert-Markus Roth, advised Symrise.