German carbon fiber maker SGL Carbon SE (>> SGL Carbon SE) said Wednesday first quarter sales improved and the group will issue convertible notes to fund the company's expansion in Portugal and China.
-First quarter earnings before interest and tax were unchanged from a year earlier, at EUR36 million.
-Sales during the period rose 5% on the year to EUR382 million.
-The company will issue around EUR240 million in convertible notes, with an option to increase the size of the issue by up to EUR40 million.
-The notes, with a maturity of five years and nine months will be issued to institutional investors outside the U.S. via accelerated bookbuilding.
-Pricing is expected later in the day, and settlement is expected on April 25.
-Commerzbank AG (>> Commerzbank AG), Deutsche Bank (DB) and Morgan Stanley (MS) are joint bookrunners and lead managers.
-Proceeds will be used to fund the purchase of Fibras Sinteticas de Portugal SA and expansion on China's graphite electrodes market.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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