HAMBURG (dpa-AFX) - Drug discovery firm Evotec intends to raise fresh capital to finance its 'Project Horizon' transformation program. To this end, convertible bonds with a volume of approximately 125 million euros will be issued, the company announced on Tuesday after the Xetra close. According to the statement, the securities have a seven-year maturity and an expected coupon of between 2.375 and 2.875 percent.
The initial conversion price will be set at a conversion premium of 35 to 40 percent above the reference share price. This is expected to correspond to the Evotec share price determined during a simultaneous 'delta placement'. This involves the sale of Evotec shares for investors seeking to hedge their positions as part of the placement. Final terms are expected to be announced later today or on Wednesday morning.
Investors appeared unimpressed. In after-hours trading on the Tradegate platform, Evotec shares were recently down 1.5 percent./he/la
