Faurecia ups sustainability linked notes due 2026 to €550 million, sets early talk in 7½% area

By Paul A. Harris

Portland, Ore., Nov. 7 – Faurecia SLB upsized its offering of senior sustainability-linked notes due June 15, 2026 (expected ratings Ba2/BB/BB+) to a minimum of €550 million from €400 million and circulated initial price talk in the 7½% area, according to market sources.

The deal kicked off on Monday, early in the European session.

Joint global coordinator, joint physical bookrunner and sole sustainability structuring adviser Societe Generale will bill and deliver. BNP Paribas is also a joint global coordinator and joint physical bookrunner.

Mizuho, Natixis and Santander are joint bookrunners.

Bank of China, Deutsche Bank, IMI - Intesa Sanpaolo and Raiffeisen are the co-managers.

Sustainability performance targets an 80% reduction in absolute scope 1 and 2 greenhouse gas emissions by Dec. 31 2025 from a 2019 base year.

The notes are subject to a 25 basis point coupon step-up per annum unless the sustainability performance target is met.

The Regulation S only 3.5-year notes become callable after two years at par plus 50% of the coupon, plus 1/8% (1/8% is added to all call premiums).

The Paris-based global automotive supplier plans to use the proceeds to pay down the principal of bridge facilities used to finance its acquisition of Hella GmbH & Co. KGaA.

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