Schaeffler Holding successfully places senior secured notes and refinances bank loans

Resource from: Schaeffler Group USA Inc. Likes:237

Oct 23,2014

* Total bond volume of approx. 1.2 billion euros equivalent * Three tranches with 5, 7, and 8 year maturities * Proceeds used to reduce existing credit facilities Today, Schaeffler Holding successfully placed approx.1.2 billion euros equivalent senior secured notes denominated in Euro and U.S. Dollar with institutional investors. Very high demand for the notes in both Europe and the USA led to an oversubscription of several times. The issue consists of a Euro tranche of approx. 350 million euros with a maturity of seven years and a coupon of 5.75 percent, a U.S. Dollar tranche of approx. $475 million with a maturity of five years and a coupon of 6.25 percent, and a U.S. Dollar tranche of approx. $675 million with a maturity of eight years and a coupon of 6.75 percent. The notes are issued by Schaeffler Holding Finance B.V. and are guaranteed by Schaeffler Verwaltungs GmbH and selected subsidiaries. The notes will be listed on the Euro MTF market of the Luxembourg Stock Exchange. Standard & Poor’s and Moody’s have rated the bonds B and B1, respectively. The issue is part of the comprehensive 1.9 billion euros partial refinancing of existing bank loans at the level of Schaeffler Holding. Apart from the above mentioned bonds the refinancing comprises a new

(Schaeffler Group USA Inc.)

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