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EANS-Adhoc: Klöckner & Co SE / Klöckner & Co launches convertible bond offering

Geschrieben am 16-12-2010


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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Convertible bond

16.12.2010

Duisburg, December 16, 2010 - The Management Board of Klöckner & Co
SE ("Klöckner & Co") resolved today, with consent of the Supervisory
Board, to issue unsubordinated unsecured convertible bonds (the
"Bonds"). The Bonds will be issued by Klöckner & Co Financial
Services S.A. (the "Issuer"), a wholly-owned Luxembourg subsidiary of
Klöckner & Co, guaranteed by Klöckner & Co, and will be convertible
into new or existing shares of Klöckner & Co. The Bonds will be
offered only to institutional investors outside of the U.S. The
pre-emptive rights of shareholders of Klöckner & Co to subscribe to
the Bonds are excluded. Klöckner & Co intends to use the proceeds
from the issue of the Bonds for its stated external expansion
strategy "Klöckner & Co 2020" and general corporate purposes. The
offering size will be approximately EUR 185 million with up to
6,650,000 shares underlying the Bonds. The Bonds will have a maturity
of 7 years and will be issued at 100% of the principal amount.
Settlement and delivery of the Bonds are expected to take place on 22
December 2010 (the "Settlement Date"). The conversion price will be
set at a premium between 30 % and 35 % above the volume weighted
average XETRA price of Klöckner & Co´s shares between the time the
Management Board resolved on the issue of the Bonds and the final
allotment which is also intended to take place later today. The
coupon is expected to be between 2.50 % and 3.00 % per annum and, as
the conversion premium, will be determined during a bookbuilding
process planned to take place today. Holders of the Bonds will be
entitled to require an early redemption of the Bonds on the fifth
anniversary after the Settlement Date at the principal amount
together with accrued interest. The Issuer cannot call the Bonds for
redemption before the fifth anniversary of the Settlement Date, and
thereafter only if the share price of Klöckner & Co (over a specified
period) exceeds 130% of the then prevailing conversion price.
Klöckner & Co intends to include the Bonds to trading in the Open
Market (Freiverkehr) segment of the Frankfurt Stock Exchange. Credit
Suisse and Goldman Sachs International are acting as Joint
Bookrunners, Joint Lead-Managers and sole syndicate members for the
offering.

*****
IMPORTANT NOTE

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF
AMERICA (OR TO US PERSONS), AUSTRALIA, CANADA OR JAPAN, OR IN ANY
OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY
APPLICABLE LAW This ad-hoc announcement is for information purposes
only and does not constitute or form part of, and should not be
construed as an offer or an invitation to sell, or issue or the
solicitation of any offer to buy or subscribe for, any securities. In
connection with this transaction there has not been, nor will there
be, any public offering of the Bonds. No prospectus will be prepared
in connection with the offering of the Bonds. The Bonds may not be
offered to the public in any jurisdiction in circumstances which
would require the Issuer of the Bonds to prepare or register any
prospectus or offering document relating to the Bonds in such
jurisdiction. The distribution of this ad-hoc announcement and the
offer and sale of the Bonds in certain jurisdictions may be
restricted by law. Any persons reading this ad-hoc announcement
should inform themselves of and observe any such restrictions. This
ad-hoc announcement does not constitute an offer to sell or a
solicitation of an offer to purchase any securities in the United
States. The securities referred to herein (including the Bonds and
the shares of Klöckner & Co) have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or the laws of any state within the U.S., and may not be
offered or sold in the United States or to or for the account or
benefit of U.S. persons, except in a transaction not subject to, or
pursuant to an applicable exemption from, the registration
requirements of the Securities Act or any state securities laws. This
ad-hoc announcement and the information contained herein may not be
distributed or sent into the United States, or in any other
jurisdiction in which offers or sales of the securities described
herein would be prohibited by applicable laws and should not be
distributed to United States persons or publications with a general
circulation in the United States. No offering of the Bonds is being
made in the United States. In the United Kingdom, this ad-hoc
announcement is only being distributed to and is only directed at (i)
persons who have professional experience in matters relating to
investments falling within Article 19(1) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")
and (ii) high net worth entities falling within Article 49(2) of the
Order and (iii) persons to whom it would otherwise be lawful to
distribute it (all such persons together being referred to as
"relevant persons"). The Bonds are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise
acquire such Bonds will be engaged in only with, relevant persons.
Any person who is not a relevant person should not act or rely on
this ad-hoc announcement or any of its contents. From the
announcement of the final terms of the Bonds, the Joint Bookrunners
may, to the extent permitted by and in accordance with applicable
laws and directives, effect transactions with a view to supporting
the market price of the Bonds and the Shares at a level higher than
that which might otherwise prevail. Such stabilising, if commenced,
may be discontinued at any time and must be brought to an end no
later than the earlier of 30 days after the settlement date and 60
days after the date of allotment of the Bonds. If commenced, such
stabilising may lead to a market price of the Bonds or the Shares
which may be higher than the level that would exist if no such
stabilising measures were taken and may indicate to the market a
price stability which without such stabilising might not prevail.
However, there is no obligation on the Joint Bookrunners to engage in
such stabilisation activities and such stabilisation, if commenced
(which may not occur before the final terms of the Bonds have been
announced), may be discontinued at any time. *****

Issuer: Klöckner & Co SE, Am Silberpalais 1, D 47057 Duisburg
ISIN (share): DE000KC01000; WKN: KCO0100
Listed: Amtlicher Markt / Prime Standard; Frankfurter Wertpapierbörse

Further information can be obtained on the webpage of Klöckner & Co:
www.kloeckner.de

Dr. Thilo Theilen - Spokesperson
Head of Investor Relations & Corporate Communications
Klöckner & Co SE
Am Silberpalais 1
47057 Duisburg, Germany
Tel.: + 49 (0) 203-307-2050
Fax: + 49 (0) 203-307-5025
E-mail: ir@kloeckner.de


end of announcement euro adhoc
--------------------------------------------------------------------------------


ots Originaltext: Klöckner & Co SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Dr. Jan Liersch

Tel.: +49 (0) 203 307-2284

Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade


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