ALTANA successfully places €200 million German Schuldschein

The specialty chemicals Group ALTANA has successfully issued a German Schuldschein with a volume of €200 million. The transaction, which was placed with about 130 banks, savings banks, and other institutional investors, was more than four times oversubscribed. In view of the strong demand in the course of the issuing process, the loan amount was increased from €160 million to a total of €200 million. 

The purpose of this transaction is to partially refinance an acquisition loan that ALTANA had raised in the context of the acquisition of Rockwood's rheology busi-ness, which was completed on October 1, 2013. "The issuance of the Schuldschein is a further consistent step in our financing strategy that aims at a sound basis for further growth and flexible repayment options along with favorable financing terms," stated Martin Babilas, Chief Financial Officer of ALTANA AG.

Due to the high interest in this transaction, the interest rate was set at the lower end of the marketing range. The average interest rate is 2.1 percent per year. The Schuldschein is divided into four tranches with maturities of 3.5 to 7 years. Of the two tranches with a term of 3.5 years, one tranche is furnished with a variable rate of interest, the other bears a fixed rate of interest. The tranches with a term of 5.5 and 7 years each have a fixed interest rate. Landesbank Baden-Württemberg and Helaba Landesbank Hessen-Thüringen arranged the Schuldschein placement.

ALTANA had acquired the rheology business of Rockwood Holdings, Inc. (NYSE: ROC) for USD 635 million. A consortium of seven banks had provided acquisition financing in the amount of €300 million to ALTANA. The part of the loan that is not refinanced via the Schuldschein is planned to be settled within the next two to three years directly from ALTANA's cash flow.


ALTANA develops and produces high-quality, innovative products in the specialty chemicals business. The ALTANA Group, with headquarters in Wesel/Germany, is a genuine “global player” with about 85% of its sales generated by international activities. The ALTANA Group has four divisions: BYK Additives & Instruments, ECKART Effect Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. All of these divisions occupy a leading position in their target markets with respect to quality, product solution expertise, innovation and service.

ALTANA offers innovative, environmentally compatible solutions with the matching specialty products for coating manufactures, paint and plastics processors, the printing and cosmetic industries, and the electrical and electronics industry. The product range includes additives, special coatings and adhesives, effect pigments, sealants and compounds, impregnating resins and varnishes, and testing and measuring instruments. At present, the ALTANA Group has 46 production facilities and more than 50 service and research laboratories worldwide. Throughout the group about 5,700 people work to ensure the success of ALTANA worldwide. In 2012, ALTANA achieved sales of more than 1.7 billion euros. Its impressive earning power and high growth rate make ALTANA one of the most successful and innovative chemical groups worldwide.