"The program gives us the opportunity to flexibly approach investors in the debt capital markets to raise liquidity," said Chief Financial Officer Frank H. Lutz.
The program, authorized by the Luxembourg Securities and Exchange Commission (CSSF), was assigned the investment grade long-term rating Baa2 (with stable outlook) by the rating agency Moody's. The prospectus provides for a denomination of bonds of EUR 1,000. This retail threshold makes issuances also attractive for private investors.
Deutsche Bank AG is acting as arranger and fiscal agent to the program. Other dealers include Bank of America Merrill Lynch, Citigroup, J. P. Morgan, Société Générale and UniCredit.
With 2015 sales of EUR 12.1 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites around the globe and as of the end of 2015 employed approximately 15,800 people (full-time equivalents).
Find more information at www.covestro.com.