Covestro To Repay Bayer in 2016
Covestro to Repay Debts to Bayer Next Year, CFO Says
Company may issue corporate bonds to finance repayment
FRANKFURT– Covestro AG , the German producer of polymers and plastics, will repay its debts to pharmaceutical giant Bayer AG next year, and may do by issuing corporate bonds, the company’s chief financial officer was quoted as saying on Saturday.
“We owe Bayer €2 billion ($2.18 billion) that we want to repay in 2016,” Frank Lutz told German newspaper Euro am Sonntag. Covestro separated from parent company Bayer via an IPO in October, but Bayer retained a majority stake in the polymer-supplier.