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Schaeffler plans EUR1.5bn-equivalent PIK toggle
July 17, 2013 / 8:13 AM / in 4 years

Schaeffler plans EUR1.5bn-equivalent PIK toggle

LONDON, July 17 (IFR) - Schaeffler has mandated banks to arrange a EUR1.5bn-equivalent payment-in-kind toggle in both euros and dollars.

The new five-year senior secured issue, which is expected to be rated B2/B-, will be used to refinance existing holdco debt, and will rank pari passu to other secured indebtedness at Schaeffler Verwaltungs GmbH.

Joint bookrunners are Deutsche Bank, JP Morgan, BNP Paribas, Citi, Commerzbank, HSBC and UniCredit. The marketing of the notes begins on Wednesday with a group lunch with investors in London. (Reporting by Robert Smith, editing by Julian Baker)

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