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by Stephen Carter
Apr 16, 2026 2:12 PM ET
IHO Verwaltungs GmbH (IHOVER) approx EUR 1bn (up from EUR800m) equivalent (EUR/US$) 144A/Reg S sr sec PIK toggle notes 2-part. Ba2/BB-/BB (negative/negative/stable). Security package: 56.8% of Schaeffler shares, 33.0% of Continental shares, and 33.0% of AMOVIO shares. Via DB sole EUR physical books (B&D)/BNP sole US$ physical books (B&D)/BofA/Citi jt books. No reg rights. List Lux. NY law. CoC at 101. Settles 04/24 (T+6). EUR200m upsize for refinancing EUR200m of its EUR800m 6..75% sr sec notes 11/15/29 (callable at notes at the next call step down 11/15/26 at 103.375).
- EUR 600m due 05/15/31 (5y). NC2 (05/15/28) (MWC B+50bp), then at 102.8125 05/15/28, 101.4063 05/15/29, 100 05/15/31. Equity claw: 2y 40% at 105.625. Special call: 10% per year the first 2 years at 103. Denoms: 100kx1k. Pays May15 and Nov 15, starting 11/15/26. Denoms: 100x1k. The first two and last interest payments will be in cash. Coupon steps up 75bp if PIK. Reg S CUSIP: D4000PAX0; Reg S ISIN: X2209060146. IPT: low-mid 6s. Price talk: 5.75% area. Revised terms: EUR600m at 5.625%. Priced: 5.625% at 100. +297bp.
- US$500m 05/15/33 (7y). NC3 (05/15/29) (MWC T+50bp), then at 103.6875 05/15/29, 101.8438 05/15/30, 100. Equity claw: 2y 40% at 107.375. Special call: 10% per year the first 2 years at 103. Pays May15 and Nov 15, starting 11/15/26. The first two and last interest payments will be in cash. Coupon steps up 75bp if PIK. Denoms: 200kx1k. 144A CUSIP: 330977680. IPT: high 7s. Price talk: 7.50% area. Revised terms: US$500m at 7.375%. Priced: 7.375% at 100. +329bp vs 4,25% 03/31/33.
Roadshow (small group meetings) 04/15-16 (investor call at 10am NYT/3pm UKT 04/15). EUR books closed at 5pm UKT/12pm NYT 04/16 (from 1pm UKT and 10am NYT). USD books closed at 3pm UKT / 10am NYT (from 04/16. UOP: redeem its EUR800m 8.75% sr sec notes due 05/15/28 (callable 05/15/26 at 102.188), pay down EUR100m drawn on its revolver (EUR200m upsize to partial call of EUR200m of its EUR800m 6..75% sr sec notes 11/15/29 (callable at the next call step down 11/15/26 at 103.375). Biz: Holding and finance company owned by the Schaeffler family (ownership interests include auto parts manufacturers IHO Holdings Schaeffler AG (69.2%), Continental AG (36.0%), and AUMOVIO SE (fka Vitesco Technologies AG) (36%)). HQ: Herzogenaurach, Germany.
Netroadshow direct link: www.netroadshow.com/nrs/home/#!/?show=b9209d8f. Entry code: IHOH2026.
EUR FTT: 7:30am 04/17.