Schaeffler has successfully placed corporate bonds with a total volume of 1.1 billion euros with international investors.
The bond placement was carried out under the current debt issuance program of Schaeffler AG and comprises two tranches, 500 million euros 4.500% bond, maturing on August 14, 2026 and a 600 million euros 4.750% bond, maturing on August 14, 2029
The proceeds of the issuance will mainly be used for the refinancing of the previous bridge financing of the tender offer for all outstanding shares of Vitesco, which was successfully completed on 5 January, 2024.
The new bond issuance is scheduled to be settled on January 15, 2024. The bonds will be listed on the regulated market of the Luxembourg Stock Exchange. BNP Paribas, BofA Securities, Citigroup, and Deutsche Bank, which have already advised the syndication process for the bridge financing, acted as Joint Active Bookrunners for the bond placement.
Claus Bauer, Chief Financial Officer of Schaeffler AG responsible for Finance and IT, said: “By issuing these bonds, we are securing the financing for the acquisition of the Vitesco shares for the long term at an early stage. The above-average demand and great trust of investors in Schaeffler impressively demonstrate that they value Schaeffler’s financial stability and support the corporate merger with Vitesco.”