WIESBADEN (dpa-AFX) - SGL Carbon has raised fresh financial resources through a convertible bond issue. The carbon fiber specialist placed new bonds with a total nominal value of 118.7 million euros in an accelerated offering, the group announced on Wednesday. Among the subscribers is major shareholder Skion, the investment company of entrepreneur Susanne Klatten, which last held 28.5 percent.

The carbon fiber specialist intends to use the proceeds of the convertible bond, among other things, to refinance an existing bond that matures in 2024. In addition, the Group's gross debt is to be reduced.

SGL had announced the capital measure in the morning, after which the share came under strong pressure and fell to a low since March. In the afternoon, the stock was still down almost 7 percent at 7.88 euros. The convertible bond had reportedly been offered exclusively to institutional investors outside the United States of America by way of an accelerated procedure.

The new bonds are convertible into up to 12.2 million no-par-value shares. With approximately 122.3 million shares currently outstanding, this corresponds to a capital increase of approximately 10 percent in the event of conversion. In the transaction, the conversion price was ultimately set at a 25 percent premium to the volume-weighted average price of SGL shares - based on the period between the start of the placement and the pricing of the offer. This value thus came out at the upper end of the planned range. The interest rate on the convertible bond due after five years (2028) is 5.75 percent, which is the middle of the targeted range./tav/stk/nas