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

BERLIN, Oct 8 (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

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