In the last refinancing step for the now completed Monsanto acquisition, Bayer Capital Corporation – Dutch-based finance subsidiary of the German group – has issued bonds with a volume of €5 billion.

The issue ,comprised of four tranches with maturities of 4 to 11½ years and offered exclusively to institutional investors, was more than four times oversubscribed, Bayer said. The bonds will be listed on the Luxembourg Stock Exchange.

Separately, the group is issuing bonds with a volume of $15 billion through its US finance arm, Bayer U.S. Finance II LLC. Net proceeds from the two issues will go toward paying down portions of the syndicated credit facility used as bridge financing for the acquisition.

Wolfgang Nickl, the Leverkusen group’s chief financial officer, said the successful the refinancing of the Monsanto acquisition “confirms our outstanding reputation and the high level of confidence that Bayer enjoys on the capital markets. The investment-grade ratings from three rating agencies are evidence of Bayer’s continued good credit standing following the acquisition,” he said.

Following all regulatory approvals, Bayer completed its $62.5 billion takeover of the US agribusiness giant on Jun. 7 and became the world’s top-seeded player in the agrochemicals, seeds and traits sector.