Gestamp talks €400 million secured notes due 2023 to yield 3½%-3¾%; pricing Wednesday

By Paul A. Harris

Portland, Ore., May 4 – Gestamp Funding Luxembourg SA talked its €400 million offering of senior secured notes due 2023 (Ba3/BB+) to yield 3½% to 3¾%, according to a market source.

Timing on the deal is accelerated. It had been expected to be in the market through Thursday. However updated timing has it pricing Wednesday.

Joint bookrunner Deutsche Bank will bill and deliver for the Rule 144A and Regulation S notes offering. CaixaBank, BBVA, Bankia, BNP Paribas, BofA Merrill Lynch, Santander and SG CIB are also joint bookrunners.

The notes come with three years of call protection.

The Abadino, Spain-based manufacturer of automotive components and structural systems plans to use the proceeds to redeem or repurchase its 5 7/8% senior secured notes due 2020.

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