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Electronics Production | May 19, 2009

Infineon Convertible Bonds: Emission was substantially oversubscribed

Infineon has launched an offering of guaranteed subordinated convertible bonds that will be issued by Infineon Technologies Holding B.V., a wholly-owned subsidiary of Infineon. The offering was substantially oversubscribed. The Bonds will strengthen Infineon’s liquidity position and extend the company’s debt maturity profile.
“With the successful placement of this convertible bond, we took advantage of a positive market environment in a quick and consequent manner. This next important step in our overall refinancing is more convincing evidence of the confidence of the market in our company”, says CFO Dr. Marco Schröter.

The conversion price has been set at €2.61, which represents a premium of 25%. The number of shares underlying the Bonds will be 74,950,000 registered ordinary shares, with a notional par value of €2.00 per share each. The aggregate principal amount will be €195.6 million.

The Bonds will mature in 5 years and will be issued at 92.8% of the principal amount, which means that they are positioned at the top end of the bookbuilding range for the disagio. The issue proceeds will amount to €181.5 million. The fixed coupon of the Bonds has been set at 7.50% per annum, payable semi-annually in arrear. Unless the Bonds are previously converted, they will be redeemed at maturity at 100% of their principal amount.

Closing and settlement of the Bonds is expected to take place on May 26, 2009. It is intended to include the Bonds to be traded on the open market of the Frankfurt Stock Exchange; however issuance of the Bonds will not be conditional upon obtaining such inclusion in trading.

Credit Suisse Securities (Europe) Limited is acting as Sole Bookrunner for the trans-action, while Credit Suisse Securities (Europe) Limited and quirin bank AG are acting as Joint Lead Managers and UniCredit Group (Bayerische Hypo- und Vereinsbank AG) are acting as Co Lead Managers.

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