By Lisa Kerner
Charlotte, N.C., July 28 – Sixt SE announced it placed a €375 million borrower’s loan note with institutional investors in the capital market.
The loan consists of four tranches with five- and seven-year maturities, each with fixed and variable returns, according to a news release.
The placement volume originally targeted by Sixt was more than doubled due to demand, and pricing was at the lower end of the expected target spread, the company said.
Proceeds will be used to refinance the company’s €250 million corporate bond due October 2016 and for international expansion.
Sixt said the issuance is its largest single capital market transaction to date.
Bayerische Landesbank, Landesbank Hessen-Thuringen (Helaba) and UniCredit arranged the placement.
The multinational car rental company is based in Pullach, Germany.
| Issuer: | Sixt SE
|
| Issue: | Borrower’s loan note
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| Amount: | €375 million
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| Coupon: | Fixed and variable rates
|
| Maturities: | Five, seven years
|
| Distribution: | Private placement
|
| Arrangers: | Bayerische Landesbank, Landesbank Hessen-Thuringen (Helaba), UniCredit
|
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