Report
IHO / Schaeffler : Subscribe to proposed bonds at yields of 4.5% and 4.7%; we change our recommendation for the existing Schaeffler 2028 notes to Buy vs. Neutral
Schaeffler intends to term out the bridge loan facility (EUR 1,124m at January 2, 2024) in connection with the Vitesco transaction via a senior unsecured Reg S EUR denominated dual-tranche fixed rate transaction comprising of benchmark-sized tranches with expected tenors of Long 2 years (c. 2 ½ years) and Long 5 years (c. 5 ½ years). In our view, Schaeffler must address also the 2024 notes. But the company did not specify the sources and uses. - Net leverage (ODDO BHF adjusted inc...
Underlying
Schaeffler AG
Provider
Oddo BHF
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.
Markus Schmitt
Other Reports on these Companies
Other Reports from Oddo BHF
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.