Germany’s biggest bakery Kamps AG has revealed plans to sell a €300m high-yield bond in February.

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The bond forms part of a €700m (US$619.9m) company refinancing package. Kamps sources said that €400m of that package will be bank debt and part of it will be used to buy back the baker’s €660m convertible bond, which is due in March 2015 at 53.62% of face value.


Pricing on the bond, which will be available from Thursday 31 January is expected on 12 February, but pre-marketing will begin today [Wednesday].


Sources revealed that the bond deal is rated BB by Standard and Poors, and the lead managers for the deal are JPMorgan.


The road show is to due to begin in the US next week.

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