Forvia ups two-tranche notes offering to €1 billion, firms talk

By Paul A. Harris

Portland, Ore., Feb. 29 – French automotive components supplier Forvia upsized its two-part offering of senior notes (Ba2/BB/BB+) to €1 billion from €800 million and set tranche sizes at €500 million apiece, according to market sources.

Along with the upsize came final price talk.

A €500 million tranche of five-year notes, with two years call protection, is talked to yield in the 5 1/8% area, in line with early guidance in the low-to-mid 5% area.

A €500 million tranche of seven-year notes, with three years of call protection, is talked to yield in the 5 5/8% area, in line with initial guidance in the mid-to-high 5% area.

Reconfirmations were due mid-to-late Thursday afternoon, London time.

Global coordinator and joint active bookrunner Credit Agricole CIB will bill and deliver. MUFG is also a global coordinator and joint active bookrunner. BofA and Santander are also joint active bookrunners. CIC, IMI-Intesa Sanpaolo and Natixis are joint bookrunners.

Proceeds will be used to repay the company’s 2 5/8% notes due 2025 and the 7¼% notes due 2026 by means of a concurrent tender offer and also to repay other outstanding debt.

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