04/27/2023 Benteler International AG (BENTLR) EUR975m equivalent (EUR/US$) 144A/Reg S sr sec notes 2-part. Ba3/BB- (stable/stable). Via JPM (B&D)/GS/MS jt glocos/Commerz/Unicredit jt books. Erste as co-manager. JPM/GS/MS are jt physical books on the EUR tranche, JPM is physical books on the US$ tranche. No reg rights. List ISE. NY law. Settlement 05/15 (Euro notes T+10; US$ notes T+12).
- EUR525m sr sec notes due 05/15/28 (5y). NC2 (MWC B+50bp), then at 104.688, 102.344, 100. Equity claw: 2y 40% at 109.375. Reg S ISIN: XS2619047728. IPT: mid-high 9s. Px talk: 9.50% area. Final price: 9.375%. Priced: 9.375% at 100. +693bp vs OBL 2.20% 04/13/28.
- US$500m sr sec notes due 05/15/28 (5y). NC2 (MWC T+50bp), then at 105.25, 102.625, 100. Equity claw: 2y 40% at 110.50. 144A CUSIP: 08263DAA4. IPT: high 10s. Px talk: 10.50-10.75%. Final price: 10.50%. Priced: 10.50% at 100. +691bp vs 2.875% 05/15/28.
Roadshow 04/24-26 (investor call at 3:30pm UKT / 10:30am NYT 04/24). Books closed at 10:30am NYT / 3:30pm UKT 04/27. UOP: along with EUR810m sr sec term loan A, to repay EUR1.886bn debt (mostly bank debt and EUR488m promissory notes). Biz: designs and manufactures components and modules for the global automotive industry as well as steel tube products for the industrial, automotive and energy sectors. Owned by the Benteler family. HQ: Salzburg, Austria.