This report does not constitute a rating action. MADRID (S&P Global Ratings) Sept. 7, 2022--Germany-based Siemens Energy has launched €960 million of mandatory convertible notes due 2025. The notes are issued by Siemens Energy Finance B.V., guaranteed by Siemens Energy AG, and were placed within a broad investor base. S&P Global Ratings assesses the notes as having high equity content. The issuance will bear a coupon of 5.625% per annum and have a conversion horizon of three years. The notes will be deeply subordinated and have a deferrable coupon. The proceeds of the issuance will be used to partially finance the voluntary cash tender offer for the remaining 32.9% share capital in Siemens Games Renewable Energy S.A for about €4
