Continental AG says it has successfully placed euro-denominated bonds with qualified investors in Germany and abroad.
The issue totaled 1.25 billion euros. It consists of two tranches, which will mature in 2016 and 2018, respectively.
This was the third bond placement in three months for Continental. (The first two had volumes of 750 million euros and one billion euros.)
"We took advantage of the strong demand for our bonds and the positive market environment to achieve our goal of an improved maturity profile," says Continental CFO Wolfgang Schafer. "We will use the net proceeds of this bond issue for the partial, early repayment of our bank liabilities."
No further bond issues are planned this year, he adds.
