German healthcare group Fresenius has sold a €1.5bn (US$1.8bn) benchmark three-tranche bond to refinance what it called “existing financial liabilities”.
It sold a €500m 4.5-year tranche at mid-swaps plus 47bp with a 0% coupon, €500m 7.5-year debt at MS +70bp and a 0.5% coupon; and €500m 10.5 year debt at MS +90bp with a coupon of 0.875%.
Demand for the paper was noticeable at the short end. Books for the 4.5-year debt were around €2bn and pricing came in more than 30bp from initial price thoughts.
BNP Paribas, Commerzbank, ING and UniCredit managed the deal.
The German healthcare powerhouse’s last Euro benchmark was in September last year with a two-part €1bn deal.
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