AMS Osram - comment

AMS Osram completed their rights issue yesterday, with the listing and admission to trading expected tomorrow (Friday 8th). This will trigger the release of the €1bn bond proceeds from the recently raised New Senior Notes, to call and redeem the existing Senior Notes. The overall transaction has pushed out the maturity profile for AMS Osram, with further financing expected in FY24. This deal removes any liquidity concerns for AMS Osram with the focus remaining firmly on the negative cashflow expected in FY24 and into FY25.