RENK begins marketing €300 million five-year secured notes

By Paul A. Harris

Portland, Ore., June 29 – A telephone roadshow began Monday for Rebecca BidCo GmbH's €300 million offering of five-year senior secured notes (B1/B), a deal backing Triton's buyout of RENK AG from Volkswagen Vermogensverwaltungs-GmbH, according to a market source.

The roadshow wraps up on Thursday.

Global coordinator Goldman Sachs will bill and deliver for the Rule 144A and Regulation S deal. Commerzbank, Credit Suisse, Deutsche Bank and UniCredit are also global coordinators.

The notes become callable in three years at par plus 50% of the coupon.

Proceeds, along with an equity contribution, will be used to fund Triton's acquisition of the Augsburg, Germany-based supplier of drivetrain technologies.

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