- Great investor demand: Order book in excess of impressive EUR 2.4 billon, a more than fourfold oversubscription at peak
- Significantly improved conditions: Inaugural rated 500-million-euro benchmark bond with a term of five years and a coupon of 3.75% (compared to 5.125% in connection with the unrated transaction in June 2023)
- Dr. Franz Weinberger, Head of Corporate Finance: “Following very successful borrower’s note loan transactions as well as unrated bond issues, this new benchmark bond with a BBB rating by S&P is a great achievement for our company on the debt capital markets and a milestone for additional follow up transactions in the future.”
Pullach, 23 January 2024 – After recently disclosing the long-term BBB rating assigned by S&P Global Ratings, Sixt SE has successfully placed its first benchmark bond (ISIN: DE000A3827R4/WKN: A3827R) with a volume of EUR 500 million. Investors showed great interest with an impressive orderbook totalling to EUR 2.4 billion, a more than fourfold oversubscription at peak. This very strong interest as well as the granular order book once again demonstrates the high confidence of the capital markets in the operational and financial strength of the SIXT Group.
The new bond has a maturity of five years and carries an interest coupon of 3.75%, significantly lower than the unrated 4-year and four-month transaction in 2023 which was issued with a coupon of 5.125%. Due to the denomination of the nominal amount in EUR 1,000, retail investors can also purchase the bond. The proceeds will be used to refinance a large part of the 2024 maturities and at the same time strengthen the basis for a continuation of SIXT’s growth strategy – following an 18.4% increase in revenue in the first nine months of 2023.
The Joint Lead Managers of the issue were BNP Paribas, Commerzbank, Deutsche Bank and UniCredit.
Dr. Franz Weinberger, Head of Corporate Finance at Sixt SE: “Following very successful borrower’s note loan transactions as well as unrated bond issues, this new benchmark bond with a BBB rating by S&P is a great achievement for our company on the debt capital markets and a milestone for additional follow up transactions in the future. The very strong interest of investors and the granular orderbook enabled a tightening of 32 basis points from initial price thoughts and a coupon of 3.75%. A great success for SIXT in its debut rated benchmark bond.”
Sixt SE with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share, SIXT ride and SIXT+ on the mobility platform ONE the company offers a uniquely integrated premium mobility service across the fields of vehicle and commercial vehicle rental, car sharing, ride hailing and car subscriptions. The products can be booked through the SIXT app, which also integrates the services of its renowned mobility partners. SIXT has a presence in more than 100 countries around the globe. The company stands for consistent customer orientation, a lived culture of innovation with strong technological competence, a high proportion of premium vehicles in the fleet and an attractive price-performance ratio. In 2022, the Sixt Group achieved a record consolidated pre-tax earnings of EUR 550 million and a significant increase in consolidated revenues to EUR 3.07 billion. Sixt SE has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).