Clearwater International acted as sole financial adviser to Symrise AG on the placement of 4,09% $US senior notes with a volume of $175m with Prudential Investment Management Inc.
The notes have a duration of 10 years and a coupon of 173 basis points above the ten year US-Treasury-Bond. The notes were offered to US investor Prudential Investment Management Inc. in a private placement, which represents another element of the refinancing concept of Symrise AG, aiming at an early redemption of the existing debt and establishing longer-term financing for the company.
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.