Published on 3/15/2016 in the Prospect News High Yield Daily.
New Issue: ThyssenKrupp prices €100 million add-on to 2¾% bullet due 2021 to yield 2 5/8%
By Paul A. Harris
Portland, Ore., March 15 – ThyssenKrupp AG launched and priced a €100 million add-on to its 2¾% unsubordinated unsecured fixed-rate notes due March 8, 2021 (Ba2/BB/BB+) at 100.573 to yield 2 5/8% on Tuesday, according to a market source.
The yield printed on top of yield talk.
Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, Mediobanca, MUFG and SG CIB are also joint bookrunners.
The issuer is an Essen, Germany-based diversified industrial group.
| Issuer: | ThyssenKrupp AG
|
| Amount: | €100 million
|
| Maturity: | March 8, 2021
|
| Security description: | Add-on to 2¾% unsubordinated unsecured fixed-rate notes due March 8, 2021
|
| Bookrunners: | Deutsche Bank (bill and deliver), BNP Paribas, Mediobanca, MUFG, SG CIB
|
| Coupon: | 2¾%
|
| Price: | 100.573
|
| Yield: | 2 5/8%
|
| Spread to Bunds: | 287 bps
|
| Call: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | March 15
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Yield talk: | 2 5/8%
|
| Marketing: | Quick to market
|
| Original issue: | €750 million priced at 99.425 to yield 2 7/8% on March 1, 2016
|
| Fungibility: | Add-on notes will become immediately fungible with original notes
|
| Total issue size: | €850 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
