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SBD Global/April 16, 2013/Finance

Constantin Medien Ends Subscription Period For Company Bonds Ahead Of Time

German media group Constantin Medien, owner of German free-to-air TV channel Sport1, "had to end the subscription period for its company bonds ahead of time due to oversubscription on the first day of the subscription period," according to FINANZEN. The company had to end the subscription period on Sunday at 11:30am German time. Constantin "originally planned with a subscription period from Sunday until Friday 12pm." The company bonds have a total volume of €65M ($85M) with a duration of five years and an annual interest rate of 7%. Constantin wants to use the income generated by the company bonds "to refinance existing liabilities, improve its profit situation and continue to diversify its product portfolio" (FINANZEN, 4/15).
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