By Paul A. Harris
Portland, Ore., March 30 – IHO Verwaltungs GmbH, the holding company for Schaeffler AG, priced an upsized €300 million add-on to its 8¾%/9½% sustainability-linked senior secured PIK toggle notes due May 15, 2028 (Ba2) at 101 on Thursday, according to market sources.
The issue size increased from €200 million.
Deutsche Bank, BNP Paribas, BofA and Citigroup were the bookrunners.
The Herzogenaurach, Germany-based automotive parts supplier plans to use the proceeds plus the proceeds that it raised in last Friday’s initial €500 million sale of the 8¾% notes, to largely pay off its €800 million of senior secured notes due 2025.
| Issuer: | IHO Verwaltungs GmbH
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| Amount: | €300 million, increased from €200 million
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| Issue: | Add-on to senior secured sustainability-linked PIK toggle notes
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| Maturity: | May 15, 2028
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| Bookrunners: | Deutsche Bank, BNP Paribas, BofA and Citigroup
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| Cash coupon: | 8¾%
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| PIK coupon: | 9½%
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| Price: | 101
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| First call date: | May 15, 2025
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| Trade date: | March 30
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| Rating: | Moody's: Ba2
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| Distribution: | Rule 144A and Regulation S
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| Original issue: | €500 million priced on March 24
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| Total issue size: | €800 million
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| Fungibility: | Rule 144A note immediately fungible with original notes; Regulation S notes to become fungible following 40-day cooling period
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