AMS reports 13% drop in revenue, plans new bond, bridge loan

The logo of sensor specialist AMS is seen during the annual news conference to present the results for 2019 in Zurich, Switzerland February 11, 2020. REUTERS/Arnd Wiegmann/Files

BERLIN (Reuters) - Sensor maker AMS on Thursday unexpectedly reported a 13% drop in third-quarter group sales and announced new measures to secure long-term financing after the takeover of Germany’s Osram.

AMS is preparing for a new 750-million euro ($883 million)bridge loan and the issuance of a seven-year bond that should be convertible into new or existing ordinary no par value bearer shares equal to up to 10% of its current outstanding share capital, it said.

Revenue in the three months through September came in at $564 million after $645 million in the previous year’s period.

($1 = 0.8494 euros)

Reporting by Kirsti Knolle; editing by Thomas Seythal