By Paul A. Harris
Portland, Ore., Jan. 24 – ZF Friedrichshafen AG priced an €800 million issue of ZF Europe Finance BV senior green notes (Ba1/BB+) at par to yield 4¾% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 4 7/8% area. Early guidance was in the 5¼% area.
Prior to the release of final talk, the deal was playing to €3.9 billion of demand, a source said.
Bookrunners were ING (bill and deliver), Barclays, Deutsche Bank and SEB.
The Germany-based provider of driveline and chassis technologies plans to use an amount at least equivalent to the notes proceeds exclusively to finance and/or refinance new and/or existing eligible green projects in accordance with its green finance framework dated April 2021.
| Issuer: | ZF Europe Finance BV
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| Amount: | €800 million
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| Issue: | Senior green notes
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| Maturity: | Jan. 31, 2029
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| Bookrunners: | ING (bill and deliver), Barclays, Deutsche Bank and SEB
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| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Spread: | 205.6 bps
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| Call protection: | Bullet, make-whole, then callable at par three months prior to maturity
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| Trade date: | Jan. 24
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| Settlement date: | Jan. 31
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| Expected ratings: | Moody’s: Ba1
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| S&P: BB+
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| Distribution: | Regulation S
|
| Price talk: | 4 7/8% area
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| ISIN: | XS2757520965
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