AlwaysFree: OMV To Issue $1.8-Billion Bond To Increase Stake In Borealis

Austria’s OMV on Tuesday said it planned to issue a new bond of up to €1.5 billion ($1.8 billion) to help fund stake purchase of plastic maker Borealis. The company had agreed to pay $4.7 billion to Mubadala for a 39% stake in Borealis. This agreement was signed before the coronavirus pandemic. Through the purchase, OMV’s stake in the plastic maker will increase to 75%. OMV also plans to sell €2 billion-worth assets to help finance the deal. The new bond will be issued within the next 12 months, the company said.