HAMBURG (dpa-AFX) - Drug discovery firm Evotec has secured fresh funding to finance its 'Project Horizon' transformation program. The company announced late Tuesday evening that it has placed convertible bonds with an aggregate principal amount of 116 million euros, slightly below its initial target of approximately 125 million euros. According to the report, the notes carry a seven-year maturity and a coupon of 2.625 percent, representing the midpoint of the previously indicated range.
The initial conversion price has been set at 6.5313 euros. Taking into account the accreted redemption amount, the effective conversion price of the bonds at maturity will be approximately 7.1844 euros. Concurrently, existing Evotec shares were placed in a secondary offering, facilitating sales for investors seeking to hedge their positions in connection with the bond placement./he/tav
