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.

  • By Stefanie Linhardt
  • 02 Jul 2013

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 ...

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1 BNP Paribas 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

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1 Citi 128,786.28 373 11.27%
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3 JPMorgan 100,646.92 291 8.81%
4 Wells Fargo Securities 91,306.23 262 7.99%
5 Credit Suisse 75,502.58 201 6.61%