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Volkswagen AG Issues EUR 1.2 Billion Convertible Notes


Tuesday, 11 Jun 2013 12:59pm EDT 

Volkswagen AG announced that it has resolved to issue new mandatory convertible notes. The new mandatory convertible notes will be issued with a coupon of 5.5% and maturity on November 9, 2015 and will be offered at an issue price of 105.64% of their principal amount. The aggregate principal amount of the new mandatory convertible notes will be up to EUR 1.2 billion. The new mandatory convertible notes with a denomination of EUR100,000 will be issued by Volkswagen International Finance N.V. under a subordinated guarantee of Volkswagen AG. The pre-emptive rights of existing shareholders have been excluded. The mandatory convertible notes will be redeemed at maturity by converting the repayment claims of the holders of the mandatory convertible notes into new no par-value bearer preferred shares issued by partial utilization of the existing conditional capital of Volkswagen AG. As Bookrunner, J.P. Morgan has committed to the Company to subscribe for new mandatory convertible notes in an aggregate principal amount of EUR500 million at the issue price. In addition, Qatar Holding LLC has provided a binding order to J.P. Morgan to buy new mandatory convertible notes at the issue price as part of the offering. 

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