Hella Group says it has successfully raised EUR500m (US$668m) in the capital market from a corporate bond issuance, with the order book five times oversubscribed, according to the company.

Hella had already issued a bond for EUR300m in 2009, which will be refinanced early with the new issuance. The transaction was managed by BNP Paribas, Deutsche Bank and RBS.

“With this new bond, we are taking advantage of the capital market environment for a long-term refinancing”, said Hella chief finance and controlling officer, Wolfgang Ollig.

“The successful issuance strengthens our financial structure and gives us additional scope for pushing ahead with our business.”