Commentary & Deal Flow

Crossover issuer: Schaeffler AG (SHAEFF) EUR1bn Reg S bearer sr notes 2-part. Ba1/BB+/BB+ (stable/negative/stable). Via ING/Mizuho/Santander/UniCredit (B&D) jt active books. List Lux. German law. Offered under Schaeffler’s EUR 10.0bn Debt Issuance Programme. Settle 04/01 (T+5).

- EUR500m expected due 04/01/28 (3y). NCL (MWC) (1mo par call) (85% clean-up call). CoC. Annual pay. ISIN: DE000A4DFLP8. IPT: 4.625% area. Guidance: 4.375% area (+/-0.125%).

- EUR500m expected due 04/01/31 (6y). NCL (MWC) (3mo par call). (85% clean-up call). CoC. Annual pay. ISIN: DE000A4DFLQ6. IPT: 5.875% area. Guidance: 5.50% area (+/-0.125%).

Did investor calls 03/24 (Santander coordinated logistics). Books subject at 12:30pm UKT 03/25. Pricing 03/25 UK afternoon. Cominged books in excess of EUR3.75bn (skew to the 6y). UOP: GCP and financing purposes. Biz: a global automotive and industrial supplier. HQ: Herzogenaurach, Germany.

Deal Roadshow link: https://dealroadshow.com/e/Motion2025