Related Issuers
by Stephen Carter
Jun 17, 2025 12:04 PM ET
Benteler International AG (BENTLR) EUR600m 144A/Reg S sr sec notes due 06/15/31 (6y). NC2 (06/15/27) (MWC B+50bp), then at 103.625, 101.813, 100. Equity claw: 2y 40% at 07.25. 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. Interest pays June 15 and Dec 15, starting 12/125/25. Denoms: 100x1. Settles 07/07. Reg S ISIN: XS3103603091, 144A ISIN: XS3103603257. IPT: 8% area. Price talk: 7.50%-7.75%. Final price talk: 7.25%-7.375%.
Priced: 7.25% at 100. +503bp vs DBR 0% 08/15/31.
Roadshow (small virtual group meetings) 06/16-17 (investor call at 1pm UKT). Books closed at 2:30pm UKT 06/17. Reconfirms were due at 3:15pm UKT 06/17. 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.