Chicago, March 21 – Schaeffler AG sold €850 million of 4˝% senior notes due 2030 (Baa3/BB+/BB+) on Thursday, according to a market source.
The notes priced at 99.358 to yield 4 5/8%, or at mid-swaps plus 191.6 basis points.
Initial talk was in the 5% area.
Call protection covers a make-whole call at Bunds plus 35 bps and a three-month par call.
Deutsche Bank (billing and delivery), BNP Paribas, BofA Securities and Citigroup were the joint active bookrunners.
Proceeds will be used to refinance the remaining bridge facility used for the acquisition of Vitesco shares and for general corporate purposes.
The Herzogenaurach, Germany-based company is an automotive and industrial supplier.
| Issuer: | Schaeffler AG
|
| Amount: | €850 million
|
| Issue: | Senior notes
|
| Maturity: | March 28, 2030
|
| Bookrunners: | Deutsche Bank (billing and delivery), BNP Paribas, BofA Securities and Citigroup
|
| Coupon: | 4˝%
|
| Price: | 99.358
|
| Yield: | 4 5/8%
|
| Spread: | Mid-swaps plus 191.6 bps
|
| Call features: | Make-whole call at Bunds plus 35 bps; three-month par call
|
| Change of control: | At par
|
| Trade date: | March 21
|
| Settlement date: | March 28
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 5% area
|
| ISIN: | DE000A383HC1
|
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