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by Stephen Carter
Apr 15, 2026 10:27 AM ET
IHO Verwaltungs GmbH (IHOVER) approx EUR800m equivalent (EUR/US$) 144A/Reg S sr sec PIK toggle notes 2-part. Expect Ba2/BB-/BB. Via DB sole EUR physical books/BNP sole US$ physical books/BofA/Citi jt books. No reg rights. List Lux. NY law. CoC at 101.
- EUR TBD due 2031 (5y). NC2 (50%,25%,par). Denoms: 100kx1k. IPT: low-mid 6s.
- US$ TBD due 2033 (7y). NC3 (50%,25%,par). Denoms: 200kx1k. IPT: high 7s.
Roadshow (small group meetings) 04/15-16 (investor call at 10am NYT/3pm UKT 04/15). UOP: along with cash on hand, to redeem its EUR800m 8.75% sr sec notes due 05/15/28 (callable 05/15/26 at 102.188), pay down revolver. Biz: Holding and finance company owned by the Schaeffler family (ownership interests include auto parts manufacturers IHO Holdings Schaeffler AG (75.1%), Continental AG (36%), and Vitesco Technologies AG (38.9%)). HQ: Herzogenaurach, Germany.
Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=b9209d8f. Entry code: IHOH2026.