White & Case with banking consortium on Schaeffler note issuance

White & Case advised a consortium of six banks on the issuance of two tranches of fixed rate notes by Schaeffler, with an aggregate principal amount of €1 billion, admitted to trading on the regulated market of the Luxembourg Stock Exchange.

In connection with the placement, Schaeffler had engaged Bank of America, BNP Paribas, Citi, and Deutsche Bank as global coordinators and Bayern LB and Standard Chartered as active joint bookrunners.

The first tranche carries a principal amount of €500 million with a three-year term and a fixed coupon of 4.125%. The second tranche also amounts to €500 million, with a seven-year term and a fixed coupon of 5.000%. Schaeffler intends to use the net proceeds for general corporate and financing purposes.

Legal team

The White & Case Frankfurt team advising on the transaction was led by partner Karsten Wöckener (pictured), and included counsel Peter Becker and associate Darleen Stöckl.