03/24/2023 IHO Verwaltungs GmbH (Schaeffler) (IHOVER) EUR500m 144A/Reg S sustainability-linked sr sec PIK toggle notes due 05/15/28 (5y). NC2 (MWC B+50bp), tne at 104.375, 102.1875, 100. Equity claw: 2y 40%. 108.875. Ba2/BB-/BB (stable/--/--) (secured by shares in Schaeffler, Continental and Vitesco). Via DB (B&D)/BNP/BofA/Citi jt books. DB ESG coordinator. No reg rights. List Lux. NY law. Coupon steps up 75bp if PIK. SPT KPI: reduction of absolute Scope 1+2 GHG emissions of Schaeffler AG by 75% by 2025 vs 2019 baseline with related step up mechanism (SPT step interest: 25bp, and redemption price step up). Settles 04/03 (T+6). Reg S ISIN: XS260601954. Px talk: 9.00% area. Final terms: EUR500m 8.75% coupon at 98.96, yield 9.00%. Priced: 8.75% at 98.96, yield 9.00%. Roadshow 03/23-24 (investor call at 2pm UKT ). Books closed at 11:30am UKT 03/24. UOP: along with cash on hand, to redeem EUR500m of its EUR800m 3.625/4.375 sr sec PIK toggle notes due 05/15/25 at 100 on 05/15/23. Biz: holding and finance company owned by the Schaeffler family. Its subs are autoparts manufacturers (IHO Holiding is 75.1% owner (100% voting shares) of Schaeffler AG, 46% owner of Continental AG, and 49.9% owner of Vitesco Technologies AG). HQ: Herzogenaurach, Germany.