Mahle talks upsized €500 million seven-year notes at 6½%-6¾%

By Paul A. Harris

Portland, Ore., April 24 – Mahle GmbH upsized its offering of seven-year senior notes (Ba2/BB) to €500 million from €400 million and set price talk at 6½% to 6¾%, according to market sources.

Official talk comes tight to initial guidance in the high-6% area.

Books were set to close Wednesday afternoon, London time.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Physical bookrunner Deutsche Bank will bill and deliver. BNP Paribas, Citigroup and JPMorgan are also physical bookrunners.

Commerzbank, HSBC, LBBW and UniCredit are passive bookrunners.

The Stuttgart, Germany-based automotive parts manufacturer plans to use the proceeds to repay promissory notes and private placement corporate bonds, and for general corporate purposes.

The incremental proceeds resulting from the $100 million upsize of the deal will be used for general corporate purposes, including debt repayment.

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