Bilfinger seeks lender redemption in Schuldschein market
German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in the public bond markets. The BB-rated company is offering a spread substantially higher than a typical Schuldschein borrower, in the hope that lenders will forego its failed bond market foray and be charitable with its chequered past.
This is, in Schuldschein terms, a rather special case.
Helaba, Raiffeisen Bank International and SEB are offering lenders ranges of 200bp-220bp and 250bp-270bp over Euribor for three and 5.5 years, some of the widest spreads seen in the past few years, and aiming for an initial size of €100m.“The ...