By Paul A. Harris
Portland, Ore., June 29 - Schaeffler Finance BV priced an upsized €300 million issue of 6¾% five-year secured notes (B1/B/) at 98.98 to yield 7% on Friday, according to market sources.
The issue was upsized from €200 million, and the yield printed on top of yield talk.
Global coordinator Deutsche Bank AG will bill and deliver.
Barclays Capital, BayernLB and Citigroup are the joint bookrunners.
Proceeds will be used to repay bank debt.
The issuer is a Herzogenaurach, Germany-based supplier of components and systems for the automotive industry and a variety of industrial sectors.
| Issuer: | Schaeffler Finance BV
|
| Amount: | €300 million, increased from €200 million
|
| Maturity: | July 1, 2017
|
| Securities: | Secured notes
|
| Global coordinator: | Deutsche Bank AG (bill and deliver)
|
| Joint bookrunners: | Barclays Capital, BayernLB, Citigroup
|
| Coupon: | 6¾%
|
| Price: | 98.98
|
| Yield: | 7%
|
| Spread: | 636 bps
|
| First call: | July 1, 2019 at 105.063
|
| Trade date: | June 29
|
| Settlement date: | July 4
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Regulation S only
|
| Price talk: | 7% area
|
| Marketing: | Quick to market
|
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