Covestro successfully issues Schuldschein loan worth EUR 650 million equivalent*

Liquidity position significantly bolstered

Covestro issued its first-ever Schuldschein debt instrument on October 7, 2022. The Schuldschein is linked to an environment, social, governance (ESG) rating. It was issued in tranches comprising fixed and variable interest-rates with terms of three, five and seven years. The debt instrument is denominated in U.S. dollars and euros. As a result of strong demand, the total volume of the Schuldschein vastly exceeded the announced volume of EUR 300 million equivalent in a challenging capital market environment. At EUR 650 million equivalent, the Schuldschein ranks among highest-volume Schuldschein issuances in 2022. This represents a successful debut for Covestro in the market for Schuldschein loans. The proceeds from the issue are used for general corporate purposes.

Dr. Thomas Toepfer, CFO of Covestro, said: “We are extremely satisfied with our debut transaction in this very active Schuldschein market. The high volume of EUR 650 million equivalent shows just how much confidence investors have in our company and bolsters our liquidity position substantially once again.”

The Schuldschein will bolster Covestro’s financial foundation and extend the average term of its financing portfolio. The company was also able to attract new investors from Europe and Asia, a step that further diversified its financing resources. Covestro was supported in the issuance process by Commerzbank, Helaba and Unicredit.

* The debt instrument is denominated in U.S. dollars and euros.


About Covestro:

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself.

The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 15.9 billion in fiscal 2021. At the end of 2021, the company had 50 production sites worldwide and employed approximately 17,900 people (calculated as full-time equivalents).

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.