Commentary & Deal Flow

ZF North America Capital Inc (ZFFNGR) $500m 144A/Reg S sr notes due 11/02/31 (5y). NCL (MWC, 2-month par call). Tax call. Existing Ba2/BB-. Via BofA/Citi (B&D)/GS/JPM jt glocos/DBS/DB/UniCredit jt books. No reg rights. CoC at 101. Denoms 150kx1k. Settles 11/02 (T+4). 144A CUSIP: 98877DAK1. 144A ISIN: US98877DAK19. IPT: High 8s. Pricing 10/27. UOP: GCP (which may include repaying or refinancing existing indebtedness) and financing of concurrent tender offer for its existing notes. Biz: ZF is a global leader in the design, manufacturing and sale of driveline and chassis technology as well as active and passive safety technology for the automotive industry and certain industrial sectors. HQ: Friedrichshafen, Germany.
DealRoadshow direct link: https://dealroadshow.finsight.com/e/ZF2026USD. Entry code: ZF2026USD.