Schaeffler’s IHO calls four series of PIK toggle notes due 2021, 2023

By Marisa Wong

Morgantown, W.Va., May 23 – IHO Verwaltungs GmbH issued conditional notices of full redemption for its $500 million 4 1/8%/4 7/8% senior secured PIK toggle notes due 2021, $500 million 4½%/5¼% senior secured PIK toggle notes due 2023, €750 million 2¾%/3½% senior secured PIK toggle notes due 2021 and €750 million 3¼%/4% senior secured PIK toggle notes due 2023.

The notes will be redeemed on June 6.

The redemption price is 102.063 for the dollar-denominated 2021 notes, par plus a make-whole amount for the dollar-denominated 2023 notes, 101.375 for the euro-denominated 2021 notes and par plus a make-whole amount for the euro-denominated 2023 notes.

The issuer will also pay accrued interest to but excluding the redemption date.

The redemptions are conditioned on IHO completing its offering of €800 million 3 5/8%/4 3/8% senior secured PIK toggle notes due 2025, €500 million 3 7/8%/4 5/8% senior secured PIK toggle notes due 2027, $450 million 6%/6¾% senior secured PIK toggle notes due 2027 and $400 million 6 3/8%/7 1/8% senior secured PIK toggle notes due 2029.

The Herzogenaurach, Germany-based company manufactures and sells precision components and systems for the automotive and industrial sectors worldwide. IHO is a subsidiary of Schaeffler Verwaltungs GmbH.

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