Hengeler Mueller advises K+S on €320m bonds issuance
Hengeler Mueller advised K+S on the issuance and placement of convertible bonds with an aggregate principal amount of €320 million, due 2031, via an accelerated bookbuilding process directed exclusively at institutional investors in certain jurisdictions outside the United States under Regulation S.
The deal was upsized from an initial target of €300 million, reflecting robust investor appetite.
The bonds are unsecured and unsubordinated, carrying a fixed coupon of 0.625% per annum. The initial conversion price was set at €17.9279, representing a 35% premium above the reference share price — calculated as the volume-weighted average price (VWAP) of K+S shares on XETRA between launch and pricing on June 9, 2026.
Use of proceeds
K+S intends to deploy the proceeds primarily to finance the recently announced acquisition of Qemetica’s salt business in Poland and Germany, alongside general corporate purposes and optimisation of its financing structure.
The Hengeler Mueller team
The capital markets team was led by partners Alexander Rang (pictured left) and Pascal Brandt (pictured right), supported by senior associate Karsten Staupe, all based in Frankfurt. Corporate matters were handled by Carsten Schapmann, partner in Düsseldorf.
