© Infineon Business | May 27, 2020
Infineon raises EUR 1 billion following successful share placement
Infineon informs that the company placed 55 million new shares, following an accelerated bookbuilding process with institutional investors, under the exclusion of subscription rights. The shares were placed at a price of EUR19.30 per share, meaning that the company managed to raise EUR 1.06 billion.
After deducting commissions and expenses the funds will be used to repay a part of the acquisition financing provided by banks for the purchase of Cypress Semiconductor Corporation. “With the share placement we completed the envisaged equity portion of the overall refinancing of the Cypress acquisition,” says Dr. Sven Schneider, Chief Financial Officer of Infineon, in a press release. “Already last year we announced our intention to finance around 30 percent of the transaction value with equity. Following the first share placement and the issuance of the hybrid bond last year we have slightly surpassed this target now. The strong investor interest allowed us to further secure financial flexibility in times of heightened global macroeconomic uncertainties. We strengthened our capital structure to support our investment grade rating, which is the base for covering the remaining refinancing needs with debt instruments.” The order book for the placement was multiple times oversubscribed and therewith enabled a well-diversified distribution among international institutional investors, the company states.
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