Chicago, April 9 – Porsche Automobil Holding SE priced €1.6 billion of notes in two tranches due in 2029 and 2032, according to a market source.
The notes are unrated.
Porsche priced €750 million of 3.75% notes at 99.476 to yield 3.862%, or at mid-swaps plus 115 basis points. The notes had initial talk at a spread, at the mid-swaps plus 140 bps area.
The second tranche priced as €850 million of 4.125% notes at 99.866 to yield 4.147%. The spread was 150 bps over mid-swaps. Initial talk was in the 175 bps area.
Citi (billing and delivery), BNP Paribas, Credit Agricole CIB, J.P. Morgan, Mizuho and Societe Generale are the bookrunners.
Proceeds will be used for general corporate purposes, including the refinancing of financial debt.
The Stuttgart, Germany issuer is the holding company of Volkswagen Group.
| Issuer: | Porsche Automobil Holding SE
|
| Amount: | €1.6 billion
|
| Issue: | Notes
|
| Bookrunners: | Citi (billing and delivery), BNP Paribas, Credit Agricole CIB, J.P. Morgan, Mizuho and Societe Generale
|
| Trade date: | April 9
|
| Settlement date: | April 16
|
| Ratings: | Unrated
|
| Distribution: | Regulation S
|
|
|
| Notes due 2029
|
| Amount: | €750 million
|
| Maturity: | Sept. 27, 2029
|
| Coupon: | 3.75%
|
| Price: | 99.476
|
| Yield: | 3.862%
|
| Spread: | Mid-swaps plus 115 bps, or Bunds plus 153.3 bps
|
| Call features: | One-month par call
|
| Change of control: | Yes
|
| Price talk: | Mid-swaps plus 140 bps area
|
| ISIN: | XS2802891833
|
|
|
| Notes due 2032
|
| Amount: | €850 million
|
| Maturity: | Sept. 27, 2032
|
| Coupon: | 4.125%
|
| Price: | 99.866
|
| Yield: | 4.147%
|
| Spread: | Mid-swaps plus 150 bps, or Bunds plus 183.5 bps
|
| Call features: | Three-month par call
|
| Change of control: | Yes
|
| Price talk: | Mid-swaps plus 175 bps area
|
| ISIN: | XS2802892054
|
|
|
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