by Stephen Carter
Jun 04, 2025 10:30 AM ET
ZF Europe Finance BV (ZFFNGR) EUR1.25bn (up from EUR1bn and benchmark size) Reg S bearer fixed-rate sr unsec notes due 06/12/30 (5y). NCL (MWC B+50bp, 3mo par call, 80% clean-up call). Ba2/BB- (negative/stable) gtd by ZF Friedrichshafen AG. Via Citi/DB/JPM (B&D) jt glocos and books. Off the EMTN Programme. List lux. German law. CoC at 100. Pays annual (Act/Act). Settles 06/12 (T+6). ISIIN: XS3091660194. IPT: 7.50% area. Guidance 7.00%-7.25%. Final terms: EUR1.25bn at 7.00% yield.
Priced: 7.00% at 100. +491.1bp vs OBL 2.40% 04/18/30 (#191).
Did investor calls 06/03. Final books over EUR4.5bn. UOP: GCP, including refinancing of existing financial liabilities. Biz: a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology. HQ: Friedrichshafen, Germany.