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BERLIN, Oct. 8 (Reuters) – Sensor maker AMS on Thursday announced new measures to secure long-term funding after the takeover of German lighting group OSRAM and reported third-quarter sales near the top of its range forecast.
AMS is preparing for a new bridge loan of 750 million euros ($ 883 million) and the issuance of seven-year bonds which are expected to be convertible into new or existing ordinary bearer shares with no par value equal to up to to 10% of its current share capital. , It said.
The net proceeds from the bonds will be used for the acquisition of OSRAM and for general corporate purposes, the company said. The timing and terms of the placement would be determined based on market conditions.
The bridge loan will replace an existing bridge facility, AMS said. The Austrian company had raised a bridging loan of 4.4 billion euros from HSBC, UBS and Bank of America for its acquisition of Osram.
AMS also unexpectedly released revenue figures for the July-September period, saying revenue fell 13% to $ 564 million. AMS had guided for 530 to 570 million dollars.
AMS will release its third quarter results on November 6.
$ 1 = 0.8494 euros Report by Kirsti Knolle; edited by Thomas Seythal