German team advises Sixt SE on successful issue of its inaugural rated €500 million benchmark bond

Global law firm Norton Rose Fulbright has advised Sixt SE on the successful issuance of its inaugural rated benchmark bond with a total volume of €500 million.

The bond (ISIN DE000A3827R4), which has a fixed interest rate of 3.750 per cent and matures on 25 January 2029, was admitted to trading on the regulated market of the Luxembourg Stock Exchange on 25 January 2024. The Joint Lead Managers of the bond issue were BNP Paribas, Commerzbank Aktiengesellschaft (Technical Lead), Deutsche Bank Aktiengesellschaft and UniCredit Bank GmbH. Investors showed strong interest in the bond, which received a BBB long-term rating from S&P Global Ratings, and the order book was fourfold oversubscribed at peak. The proceeds further secure the long-term corporate financing of the Sixt Group and mainly serve to early refinance financial liabilities due in this year.

Sixt SE, which is based in Pullach near Munich, Germany, is a leading international provider of high-quality mobility services. In 2022, it generated revenues of 3.066 billion euros and saw an increase in revenue of 18.4 per cent. in the first nine months of 2023.

Sixt was advised by a Norton Rose Fulbright team led by Frankfurt Partner Christoph Enderstein. Enderstein, who is also responsible for Norton Rose Fulbright’s debt capital markets practice in Germany, commented: "My team and I have previously advised Sixt in connection with various capital markets transactions. We are pleased that Sixt continues to place its trust in us and has also mandated us in connection with the issuance of its inaugural rated benchmark bond."

Enderstein was supported by Counsel Michael Born and Associates Quynh-Anh Nguyen-Xuan and Miriam Dustmann (all banking / finance, Frankfurt).

At Sixt SE, Dr. Franz Weinberger and Dr. Ferdinand Oelschlegel advised in-house in connection with the issue of the bond.

Norton Rose Fulbright's debt capital markets team in Frankfurt advises both investment banks and issuers in connection with national and international capital market transactions in the areas of debt capital markets and structured finance, in particular on bonds, commercial paper, covered bonds, structured bonds, securitized derivatives, hybrid instruments, registered notes, Schuldschein loans and issuance programmes as well as related regulatory issues including sustainable finance matter.