FTE Automotive launches first high yield bond of second half
German hydraulic clutch maker FTE Automotive is the first issuer hoping to break the chills in the European high yield market and issue the first bond of the second quarter. The company plans to use the proceeds to finance its takeover by Bain Capital.
The €240m of senior secured notes have a seven year tenor and will be callable after three years.
Morgan Stanley is bookrunner, with Bank of Ireland as co-manager.The notes with expected B1/B ratings will be issued through Falcon (BC) Germany Holding 3 GmbH."I don't know the timing explanation here ...