FRANKFURT, June 4 German public-sector trust RAG
foundation is reducing its stake in Evonik with an
exchangeable bond that carries a zero percent coupon, a source
familiar with the transaction said.
The exchange price of the bond is being set at a 37.5
percent premium above the volume weighted average price, the
source said on Wednesday.
RAG earlier said that it would issue a bond worth as much as
600 million euros ($680 million) that can be exchanged into
about 3 percent of Evonik's share capital.
It had published a target range for the coupon of 0-0.5
percent and a range of 30-37.5 percent for the premium over the
(Reporting by Arno Schuetze; Editing by Thomas Atkins and