Voestalpine AG Expands 2023 Convertible Bonds by EUR 35 Million

voestalpine AG has announced an increase in its 2023 convertible bonds by up to EUR 35 million. This decision leverages the current favorable market conditions. The new tranche will take the total nominal amount to EUR 285 million. These non-subordinated, unsecured bonds are set to mature in 2028.

The bonds will be issued as part of an accelerated bookbuilding process, and are targeted exclusively at institutional investors outside the United States. The issuance will bypass existing shareholders' pre-emptive rights. The management aims to execute the offering in the latter half of March, subject to market conditions and Supervisory Board approval.

voestalpine will utilize treasury shares for bondholders exercising conversion rights to company shares. Currently, voestalpine holds about 3.98% of its share capital as treasury shares.