Commentary & Deal Flow

Benteler International AG (BENTLR) EUR600m 144A/Reg S sr sec notes due 2031 (6y). NC2 (50%,25%,par). Existing Ba3/BB- (stable/stable). Via JPM (B&D)/GS jt glocos/Commerz/DB/Erste/FITB/LLBW/UniCredit jt books. No reg rights. List ISE. NY law. Roadshow (small virtual group meetings) 06/16-17 (investor call at 1pm UKT). UOP: along with EUR1bn sr sec term loan A, to repay existing TLA and sr sec notes. Biz: designs and manufactures components and modules for the global automotive industry as well as steel tube products for the industrial, automotive and energy sectors. Owned by the Benteler family. HQ: Salzburg, Austria.

Netroadshow link: http://www.netroadshow.com/nrs/home/#!/?show=0ff29680. Entry code: BENTELER202.