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by Stephen Carter
Oct 27, 2026 8:34 AM ET
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.
Price talk: 8.50% area.
Books close at 10:30am 10/27. Pricing 10/27 afternoon. UOP: GCP (which may include repaying or refinancing existing indebtedness) and financing of concurrent waterfall tender offer for its existing notes (ZF North America Capital Inc US$600m 6.875% sr notes due 04/14/28 (acceptance priority 1, tender consideration 101.65); ZF Finance GmbH EUR265m 2.25% notes due 05/03/28 (acceptance priority 2, tender consideration 97.25); ZF Finance GmbH EUR750m 3.75% notes due 09/21/28 (acceptance priority 3, tender consideration 99.20); ZF Europe Finance BV EUR800m 4.75% notes due 01/31/29 (acceptance priority 4, tender consideration 99.80); ZF Finance GmbH EUR68.9m 2.00% notes due 05/06/27 (acceptance priority 5, tender consideration 99.35); ZF Europe Finance BV EUR167.3m 2.50% due 10/23/27 (acceptance priority 6, tender consideration 98.70) (dealer managers: BofA/Citi/Mizuho/UniCredit)). 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.