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by Stephen Carter
Jun 17, 2025 7:04 AM ET
Benteler International AG (BENTLR) EUR600m 144A/Reg S sr sec notes due 2031 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. 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. CoC at 101. Denoms: 100x1. IPT: 8% area.
Price talk: 7.50%-7.75%.
Roadshow (small virtual group meetings) 06/16-17 (investor call at 1pm UKT). Books close at 2:30pm UKT 06/17. Pricing 06/17 UK afternoon. UOP: along with EUR1bn sr sec term loan A, to repay existing EUR533m TLA and redeem its EUR525m 9.375% sr sec notes due 05/15/28 (callable at 104.688) and US$500m 10.50% sr sec notes due 05/15/28 (callable at 105.25). 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.