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GC Asia
Schaeffler sells €300m, takes orders from employees for tap
Schaeffler, the German ball bearing maker, successfully returned to the high yield market last week, selling €300m of senior secured bonds on Friday.
The five year bond was increased by €100m and priced in line with guidance at 98.981 with a 6.75% coupon to yield 7%.
“The deal went really well,” said a banker at one of the bookrunners. “We had a good reception from both institutional investors and retail money.”
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