Initial issuance of benchmark bonds in Euro and USD of approx. 1 billion Euro in total
BNP Paribas, Deutsche Bank, HSBC, JP Morgan are joint global coordinators
Bonds are rated by Standard & Poor s and Moodyss
Schaeffler AG initiates the first step of its new refinancing package and launches its announced bond program.
Schaeffler AG has mandated a group of banks to place secured Euro and U.S. dollar-denominated benchmark bonds of approximately one billion Euro in total with institutional investors. The bonds are expected to have maturities of five to seven years. The issue size and the final terms will be determined at the end of the investor road show.
The bonds will be issued by Schaeffler Finance B.V., Netherlands, and guaranteed by Schaeffler AG and selected subsidiaries. They are to be traded on the open market of the Luxembourg Stock Exchange.
The issuance is led by BNP Paribas, Commerzbank, Deutsche Bank, HSBC, JP Morgan, LBBW, Royal Bank of Scotland and Unicredit. BNP Paribas, Deutsche Bank, HSBC and JP Morgan act as joint global coordinators and joint managing bookrunners.
In preparation of the refinancing transaction, Schaeffler AGss corporate credit and bond ratings have been assessed by two leading international rating agencies. The ratings will be released shortly by Standard & Poorss and Moodyss.
"This benchmark bond issue is the first step to implementing our new financing structure, and an important component for the optimization of our capital structure," said Klaus Rosenfeld, CFO of Schaeffler AG.
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