TI Fluid Systems to sell €600 million eight-year notes, initial talk in mid-4% area

By Paul A. Harris

Portland, Ore., April 6 – TI Fluid Systems plans to sell €600 million of eight-year senior notes (expected ratings B3/B+), according to market sources.

Initial guidance has the deal coming to yield in the mid-4% area.

Joint bookrunner JPMorgan will bill and deliver. Barclays and Deutsche Bank are also joint bookrunners.

BNP Paribas, Citigroup, Goldman Sachs, Mizuho and RBC are passive bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be TI Automotive Finance plc.

The Oxford, U.K.-based supplier of automotive fluid systems plans to use the proceeds plus cash on hand to pay down its senior secured credit facilities.

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