Schaeffler Gives Tranches, Price Guidance On EUR2 Billion Equivalent Bond

Date : 02/02/2012 @ 11:39AM
Source : Dow Jones News
Stock : Moodys Corp. (MCO)
Quote : 118.07  0.37 (0.31%) @ 4:00PM

Schaeffler Gives Tranches, Price Guidance On EUR2 Billion Equivalent Bond

Moodys (NYSE:MCO)
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German engineering firm and auto-parts supplier Schaeffler Group gave details on its EUR2 billion equivalent euro- and dollar-denominated bond, one of the managing banks said Thursday.

The bonds will be of five- and seven-year maturity, and will feature in both currencies for each maturity tranche.

Price guidance:

Five-year euro tranche: yield 8.25% area

Five year dollar tranche: 8.00% - 8.25% yield

Seven-year euro tranche: 8.75% - 9.00% yield

Seven-year dollar tranche: 8.5% - 8.75% yield

Pricing is expected later Thursday. Proceeds of the issue will be used to refinance existing bank debt.

The issuance is led by BNP Paribas SA , Commerzbank AG, Deutsche Bank AG, HSBC Holdings plc, JP Morgan, LBBW, Royal Bank of Scotland plc and UniCredit SpA are managing the bond issue.

-By Serena Ruffoni, Dow Jones Newswires; +44 (0) 207 842 9349; serena.ruffoni@dowjones.com




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