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Press Release

ZF is Targeting for Further Debt Reduction by Launching Bond Buyback Transaction

  • Transaction includes a partial make-whole call as well as tender offers for certain US $ bonds of ZF Group with an aggregate purchase price amount of approximately US $1.3 bn
  • Transaction primarily applies to three bonds issued in US dollars with terms maturing in 2020, 2022 and 2025, respectively
  • The redemption is designed to reduce ZF's debt further from the takeover of TRW Automotive in 2015.

Friedrichshafen, Germany. ZF Friedrichshafen AG reduces the outstanding amount of its bond portfolio. Today (Tuesday), the technology company in driveline and chassis technology as well as active & passive safety technology offered investors that hold certain ZF bonds to redeem these before maturity.

The make-whole call and the tender offers primarily apply to three US dollar-denominated bonds with terms maturing in 2020, 2022 and 2025, respectively, and interest coupons of 4.00%, 4.5% and 4.75%, respectively. These bonds with an aggregate outstanding face value of approximately US $ 3.4 billion were placed with institutional investors on April 29, 2015 with a minimum denomination of US $ 150,000. The bonds were issued by ZF North America Capital, Inc., a wholly-owned subsidiary of ZF. In addition, the transaction includes an any-and-all offer for certain bonds of TRW Automotive Inc. which currently have an aggregate outstanding face value of approximately US $ 160 million.

The redemption is designed to further reduce ZF's debt from the takeover of TRW Automotive in 2015.

Earlier today, ZF distributed an Offer to Purchase and a detailed press release containing the exact terms and conditions of the offers. The press release is available at zf.com/ir .

Disclaimer

This announcement is neither a bid to purchase nor a solicitation to buy any securities in Australia, Canada, Japan, or any other jurisdictions where such an offer is subject to legal restrictions. The securities have already been sold.

The securities described in this announcement have not been registered under the U.S. Securities Act of 1933 in its currently applicable version ("U.S. Securities Act") or the applicable legal regulations in Australia, Canada and Japan.

Media

ZF is Targeting for Further Debt Reduction by Launching Bond Buyback Transaction
Press Release
21/11/2017

Press contact

Andreas Veil
Andreas Veil
Commercial and Financial Communication
Thomas Wenzel
Thomas Wenzel
Director External Communications