By Paul A. Harris
Portland, Ore., Sept. 6 – ZF Friedrichshafen AG priced €650 million issue of 6 1/8% senior green bullet notes due March 13, 2029 (expected ratings Ba1/BB+) at 99.478 to yield 6¼% on Wednesday, according to market sources.
The yield came at the tight end of the 6¼% to 6 3/8% yield talk. Initial guidance was in the 6½% area.
The deal was heard to be playing to €1.7 billion of demand.
Joint bookrunner Mizuho will bill and deliver.
The notes were sold via issuer ZF Europe Finance BV.
The Friedrichshafen, Germany-based automotive technology company plans to use the proceeds to finance eligible green projects that are outlined in its framework.
| Issuer: | ZF Europe Finance BV
|
| Amount: | €650 million
|
| Issue: | Senior green notes
|
| Maturity: | March 13, 2029
|
| Bookrunners: | Mizuho (bill and deliver), BNP Paribas, SMBC and UniCredit
|
| Coupon: | 6 1/8%
|
| Price: | 99.478
|
| Yield: | 6¼%
|
| Spread: | 364.7 bps
|
| Call protection: | Bullet, par call three months prior to maturity
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 13
|
| Expected ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 6¼% to 6 3/8%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
