Deutsche Post World Net to issue second Euro-Bond10/14/2003, 01:00 AM CEST
No net debt increase
After the great success of the first bond Deutsche Post World Net plans to issue a second Euro benchmark bond during the coming weeks as part of its capital market strategy. Good credit ratings from the international rating agencies Moody's (A1), S&P (A) and Fitch (A+) support the bond. The bond will be worth up to one billion euros and be used for the long term refinancing of the Group's liabilities. As a whole the new bond will not increase the Group's net debt.
Deutsche Post World Net can use the planned refinancing to reduce its credit costs and simultaneously secure current low interest rates for the long term. The new bond is part of Deutsche Post's solid and conservative finance policy, which the Group will in future also continue. This also includes actively maintaining the good A range rating to uphold the company's above average industry specific credit worthiness.
Deutsche Post World Net has commissioned Barclays, Deutsche Bank and Morgan Stanley as joint lead managers for the bond. The transaction will be introduced in the next few weeks to potential investors, followed by the fixing of terms and conditions and the issue of the bond.