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MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht    OSR   DE000LED4000

OSRAM LICHT

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Five banks line up €1.625 billion of debt on Osram takeover

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07/09/2019 | 06:37am EDT
FILE PHOTO: Logo of lamp manufacturer Osram is pictured during opening of 'World of light' showroom in Munich

LONDON (LPC) - Five banks have lined up a €1.625bn (£1.46 billion) debt financing to back a takeover offer of German lighting group Osram by private equity firms Bain and Carlyle, banking sources said.

LONDON (LPC) - Five banks have lined up a €1.625bn (£1.46 billion) debt financing to back a takeover offer of German lighting group Osram by private equity firms Bain and Carlyle, banking sources said.

The two investors offered €35 a share, Osram said in a statement on July 3, putting an equity value on Osram of €3.4bn.

Credit Suisse, Deutsche Bank, Goldman Sachs, Macquarie and Nomura are leading the debt financing, the sources said.

The financing comprises €1.325bn of bonds and a €300m revolving credit facility, the sources said.

It is likely to roadshow to bond investors in the fourth quarter, the sources said.

Bain declined to comment. Carlyle was not immediately available to comment.

Osram, which is struggling with weakness in the automotive industry and a broader economic slowdown, has seen its stock lose more than 60% of its value since hitting a high of €79.58 in January 2018.

In February, the company had confirmed that Bain and Carlyle were looking at whether to jointly bid for up to 100 percent of its shares. But weak financial performance had led many investors to doubt whether the investors would actually go ahead with their plan.

(Editing by Christopher Mangham)

By Claire Ruckin

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.75% 11.05 Delayed Quote.2.31%
DEUTSCHE BANK AG 4.71% 6.16 Delayed Quote.-11.58%
GOLDMAN SACHS GROUP INC 1.65% 199.42 Delayed Quote.19.38%
MACQUARIE GROUP LTD 0.46% 118.54 End-of-day quote.9.10%
NOMURA CO LTD -0.60% 1321 End-of-day quote.-46.08%
NOMURA HOLDINGS INC 4.93% 383 End-of-day quote.-7.22%
OSRAM LICHT 0.72% 35.1 Delayed Quote.-7.44%
THE CARLYLE GROUP LP 3.04% 21.71 Delayed Quote.37.84%
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Financials (EUR)
Sales 2019 3 481 M
EBIT 2019 -40,0 M
Net income 2019 -180 M
Debt 2019 310 M
Yield 2019 3,17%
P/E ratio 2019 -18,4x
P/E ratio 2020 37,7x
EV / Sales2019 1,04x
EV / Sales2020 0,99x
Capitalization 3 306 M
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Technical analysis trends OSRAM LICHT
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 38,83  €
Last Close Price 35,04  €
Spread / Highest target 99,8%
Spread / Average Target 10,8%
Spread / Lowest Target -17,2%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Ingo Bank Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
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