Gestamp Automocion : Issuance Focus
Gestamp, the Spanish tier-1 auto supplier, launched the sale of € 500m in new bonds maturing in 2030 to refinance its € 400m 3.25% bonds and € 83m Schulschein maturing in April 2026. These new bonds are rated Ba2/BB, rather than Ba2/BB+ for the existing 2026 bonds, as S&P considered that the recent transaction with Santander (sale of a minority stake in the group's real estate assets) had weakened the credit profile. The transaction is leverage-neutral, with 1.5x on reported basis and 2.2x adjusted for factoring/pensions.Gestamp Automocion SA. Gestamp Automocion SA is a Spain-based company primarily engaged in the auto parts manufacture. It focuses on the design, development and production of metal components and structure systems for the automotive industry. The Company's products portfolio includes skin panels and closure parts, structural and body components, chassis, bumpers and dashboard crossbeams, among others. The Company's customers include Volkswagen, Renault-Nissan, PSA, Daimler, General Motors and BMW, among others. The Company is a parent of the Gestamp Automocion Group, a group, which comprises a number of subsidiaries with operations established in North and South America, Europe and Asia. The Company is controlled by Acek Desarrollo y Gestion Industrial SL.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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