Deutsche Post raises 1.082 bln euros from Postbank exchangeable bond

Deutsche Post, the semi-privatised German postal authority, said Friday it had raised a total 1.082 billion euros (1.3 billion dollars) from the exchangeable bond issued as part of the flotation of its banking unit Postbank earlier this week.

Deutsche Post said in a statement that including a so-called greenshoe or over-allotment option, it issued a total 1.082 billion euros worth of three-year bonds, carrying a coupon of 2.65 percent and exchangeable for some 27.5 million Postbank shares from 2007.

Alongside the 1.55 billion euros raised from the initial public offering (IPO) of Postbank on Wednesday, the bond will increase Deutsche Post’s total proceeds from the flotation to 2.632 billion euros.

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