Published on 9/11/2020 in the Prospect News High Yield Daily.
New Issue: Germany’s ZF Group prices €1.5 billion senior notes in two tranches
By Paul A. Harris
Portland, Ore., Sept. 11 – ZF Group priced €1.5 billion of senior notes (expected ratings Ba1/BB+) in two tranches, according to a market source.
The deal included €750 million of 3% five-year notes, which priced at 99.43 to yield 3 1/8%, and €750 million 3¾% notes, which priced at 99.154 to yield 3 7/8%.
Active bookrunner JPMorgan will bill and deliver.
The Friedrichshafen, Germany-based auto parts manufacturer plans to use the proceeds for general corporate purposes, including the repayment of bank debt.
| Issuer: | ZF Finance GmbH
|
| Amount: | €1.5 billion
|
| Securities: | Senior notes
|
| Active bookrunners: | BNP Paribas, Deutsche Bank, JPMorgan (bill and deliver), Mizuho and UniCredit
|
| Settlement date: | Sept. 21
|
| Expected ratings: | Moody's Ba1
|
| S&P: BB+
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | €750 million
|
| Maturity: | Sept. 21, 2025
|
| Coupon: | 3%
|
| Price: | 99.43
|
| Yield: | 3 1/8%
|
| Spread: | Mid-swaps plus 350.9 bps
|
|
|
| Eight-year notes
|
| Amount: | €750 million
|
| Maturity: | Sept. 21, 2028
|
| Coupon: | 3¾%
|
| Price: | 99.154
|
| Yield: | 3 7/8%
|
| Spread: | Mid-swaps plus 443.2 bps
|
|
|
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