Faurecia issues €700 million of Schuldscheindarlehen
This transaction is part of the programme to finance the acquisition of Clarion Co., Ltd, announced on October 26, 2018. It refinances part of the bridge financing which fully secures the funding of the acquisition, and provides long-term liquidity to Faurecia.
The €700 million transaction is structured into several tranches in EUR and USD, with maturities of 4, 5 and 6 years. Margin above reference rates, fixed or variable, is below 1.80% on average which represents a very attractive financing cost.
The success of this placement, which has been significantly over-subscribed, and the very favourable conditions achieved demonstrate both the significant appreciation of Faurecia’s credit quality and investor confidence in Faurecia's strategy.
Commerzbank and HELABA (Landesbank Hesse-Thüringen Girozentrale) were the arrangers of the issue, with Raiffeisenbank International as co-arranger.