2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
Europe's largest car manufacturer VW has raised 1.2 billion euros with a convertible bond. The group intends to use the money to invest in further growth.
The car maker Volkswagen (VW) has secured a new amount in the billions overnight. As planned, the group collected 1.2 billion euros through a new mandatory convertible bond, as the company announced in Wolfsburg on Wednesday. It had only announced the new bond the evening before.
Investment in further growth
With the new bond, VW wants to strengthen its capital base and invest in further growth. The group is expanding its presence in China in particular, aiming to achieve its goal of replacing Toyota as the world's largest car manufacturer.
The bond is due to run until November 2015. When due, the bondholders will receive new VW preference shares instead of their money. It was only in November that VW had brought in fresh money with a mandatory convertible loan of 2.5 billion euros.
The conditions are now the same as in November: The investors receive an interest rate of 5.5 percent. How many new shares Volkswagen will have to issue is still open and depends on how the shares develop up to the conversion. (dpa)
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