Volkswagen’s Driver Thirteen exercises €717 million clean-up call

By Susanna Moon

Chicago, Sept. 21 – Driver Thirteen UG exercised the clean-up call option for its €691.5 million of class A floating-rate notes due February 2021 and its €25.5 million of class B floating-rate notes due February 2021.

The notes are callable at par under the clean-up option if the aggregate discounted principal balance is less than 10% of the aggregate cutoff date discounted principal balance, according to a notice.

The clean-up call was issued Sept. 13 and is effective Friday, the notice said.

Holders also received accrued interest.

Driver Thirteen UG is a debt issuing vehicle based in Frankfurt and operates as a subsidiary of Volkswagen Financial Services AG. Volkswagen AG is a Wolfsburg, Germany-based automaker.

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