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Cognis Redeems Henkel Vendor Note

Published on 2004-06-23. Author : SpecialChem

 

In 2001, the Henkel Group sold its chemical activities which were combined in the Cognis Group to an investors consortium made up of Permira, GS Capital Partners and Schroder Ventures Life Sciences. The transaction was based on an enterprise value of 2.5 billion euros. In this connection the Henkel Group advanced a vendor note of 350 million euros to the purchaser with a maximum redemption period of ten years.

On May 13, 2004, Cognis redeemed this loan including interest to the Henkel Group. The total amount repaid was around 410 million euros.

"The redemption of the vendor note is a welcome contribution to our considerations for refinancing our acquisition of The Dial Corporation", said Dr. Lothar Steinebach, Chief Financial Officer of the Henkel Group

Source: Henkel Group


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