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 adjus...
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 adjus...
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