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by Stephen Carter

Jun 10, 2026 4:40 PM ET

PRICED: MAHLE €200m 7.125% sr notes due 2032 add-on at 104.50

HYC European Market: Deal Flow - General

	Size	Security	Maturity	Coupon	Priced
MAHLGR	€200m	Senior Unsec Notes Tap	15-Jul-2032	7.125%	104.50

Priced: 104.50 (clean)
Yield to Worst: 5.87%
Issuer: MAHLE GmbH
Size: €200m
Total Outstanding: €500m
Format: Reg S only Private Placement
Security: 7.125% Senior Unsecured Notes due 2032
Expected Issue Ratings: Ba2 / BB- (Moody's / S&P)
Maturity: 15-Jul-2032 (6y)
Fungible: After 40-day distribution compliance period with the €300m private placement issue which priced 30-Jun-2025.
Existing Issue: €300m 7.125% Senior Unsecured Notes due 2032 (ISIN XS3108519227)
Optional Redemption: NC2 until 15-Jul-2028 (MWC B+50)
- 15-Jul-2028: 103.563
- 15-Jul-2029: 101.781
- 15-Jul-2030: 100
Change of Control: Put at 101
Payment dates: January 15 / July 15, commencing January 15, 2026
Denominations: €100k x €1k
Reg S Common Code: 340275420 (Temporary), 310851922 (Permanent)
Reg S ISIN: XS3402754207 (Temporary), XS3108519227 (Permanent)
Listing: TISE
Law: New York
Joint Placement Agents: BNP PARIBAS, HSBC, Standard Chartered, UniCredit
Settlement Agent: Kroll
Settles: 24-Jun-2026
Trade Date: 10-Jun-2026
FTT: 11-Jun-2025 (7:45 am UKT)
UOP: General corporate purposes, including a partial (EUR250m of EUR450m) tender in respect of the 2.375% sr unsec notes due 2028 (ISIN: XS2341724172), tender price 98.80, and payment of transaction costs, fees and expenses.
Biz: a tier 1 global auto parts supplier. HQ: Stuttgart, Germany