- Mobility service provider places a borrower’s note loan with a total volume of EUR 375 million
- Issue volume more than twice as high as initially planned
- CFO Dr Julian zu Putlitz: “Sixt is using a favourable capital market environment and increasing the long-term portion of its refinancing”
Pullach, 28 July 2016 – Sixt SE has successfully placed a borrower’s note loan with a total volume of EUR 375 million among institutional investors on the capital market. This is the biggest single capital market transaction in the history of the mobility service provider. The placement volume originally targeted by Sixt was clearly more than doubled because of very brisk demand among investors. The note’s pricing was at the lower end of the envisaged target spread.
The borrower’s note loan consists of four tranches with periods of five and seven years, each with fixed and variable returns. The funds will be used to refinance the EUR 250 million corporate bond due in October 2016, and for the further expansion of the international mobility service provider.
The placement was arranged by Bayerische Landesbank, Landesbank Hessen-Thüringen (Helaba) and UniCredit.
Dr Julian zu Putlitz, CFO of Sixt SE: “Borrower’s note loans have for many years been among the financing instruments which Sixt regularly uses. The placement volume we achieved, which was well above our initial expectations, allowed us to refinance the corporate bond which is due in October, and to raise additional funds for our international expansion. Sixt is also using the favourable capital market environment to increase the long-term portion of its refinancing.”
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