Registration: Reg S Only; Comments: B&D: UniCredit;
Registration: Reg S Only; Comments: B&D: UniCredit;
Deal Comments
Crossover issuer: Schaeffler AG (SHAEFF) EUR1.15bn (up from EUR1bn) Reg S bearer sr notes 2-part. Ba1/BB+/BB+ (stable/negative/stable). Via ING/Mizuho/Santander/UniCredit (B&D) jt active books. List Lux. German law. Offered under Schaeffler’s EUR 10.0bn Debt Issuance Programme. Settle 04/01 (T+5).
- EUR550m (up from EUR500m expected) due 04/01/28 (3y). NCL (MWC B+25bp) (1mo par call) (85% clean-up call). CoC. Annual pay (Act/Act). ISIN: DE000A4DFLP8. IPT: 4.625% area. Guidance: 4.375% area (+/-0.125%). Final terms: EUR550m at 4.25%. Priced: 4.25% at 100. +209.1bp vs DBR 0.5% 02/15/28 (MS+191.6bp).
- EUR600m (up from EUR500m expected) due 04/01/31 (6y). NCL (MWC B+45bp) (3mo par call). (85% clean-up call). CoC. Annual pay (Act/Act). ISIN: DE000A4DFLQ6. IPT: 5.875% area. Guidance: 5.50% area (+/-0.125%). Final terms: EUR600m at 5.375%. Priced: 5.375% at 100. +292.3bp vs DBR 0.0% 02/15/31 (MS+285.2bp).
Did investor calls 03/24 (Santander coordinated logistics). Books subject at 12:30pm UKT 03/25. Final cominbed books EUR3.1bn (3y EUR1.15bn, 6y EUR1.95bn). Books pre-rec, good at tight end of guidance. UOP: GCP and financing purposes. Biz: a global automotive and industrial supplier. HQ: Herzogenaurach, Germany.
Deal Roadshow link: https://dealroadshow.com/e/Motion2025