TI Fluid adds unsecured HY layer

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By Owen Sanderson
08 Apr 2021

TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

Barclays, Deutsche Bank and JP Morgan are leading the B3/B+ bond offering, launched on Tuesday, while JP Morgan is the sole physical bookrunner on the loan repricing.

Talk on the bonds is mid-4%.

The plan for the loans was to cut the size of the facilities from $738m ...

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