Published on 7/2/2020 in the Prospect News High Yield Daily.
New Issue: RENK prices upsized €320 million five-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., July 2 – RENK AG priced an upsized €320 million issue of five-year senior secured notes (B1/B) at par to yield 5¾% on Thursday, according to a market source.
Bookrunners were Goldman Sachs International, Commerzbank, Credit Suisse, Deutsche Bank and UniCredit Bank.
Proceeds, along with an equity contribution, will be used to fund Triton's acquisition of the Augsburg, Germany-based supplier of drivetrain technologies from Volkswagen Vermogensverwaltungs-GmbH.
| Issuer: | Rebecca BidCo GmbH
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| Amount: | €320 million, increased from €300 million
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| Tenor: | Five years
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| Securities: | Senior secured notes
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| Bookrunners: | Goldman Sachs International, Commerzbank, Credit Suisse, Deutsche Bank and UniCredit Bank
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| Coupon: | 5¾%
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| Price: | Par
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| Yield: | 5¾%
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| Trade date: | July 2
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| Ratings: | Moody's: B1
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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