The German scrap recycling group Scholz AG was able to place 100 per cent of its €150m bond offering on 15 February, the first day of the subscription period, the company reported on Wednesday. The subscription was originally expected to run until 20 March 2012.
Oliver Scholz, chief executive officer of the family-owned business, was pleased with the positive reaction to the bond issue and described it as a clear sign of confidence in Scholz AG. The bonds have a fixed coupon of 8.5 per cent a year and mature on 8 March 2017. The company plans to use the net proceeds from the bond issue for general refinancing needs and other business purposes.