SAP SE (NYSE: SAP) announced today that it has successfully placed the largest Eurobond transaction in its history. The €4.5 billion transaction was issued in five tranches.
SAP Chief Financial Officer Luka Mucic said: 'Against a difficult debt capital market environment, this record transaction is another testament of SAP's strong credit profile. Our team did a tremendous job in preparing the transaction in a very short time to take benefit of an attractive issuance window.'
The €500 million two-year notes pay a spread of 23 basis points (bps) to €3 million. The €900 million long three-year notes pay a coupon of 0.250%. The €850 million six-year notes pay a coupon of 0.750%. The €1 billion long nine-year notes pay a coupon of 1.250%. The €1.25 billion long twelve-year notes pay a coupon of 1.625%.
The notes will be listed for trading in the Regulated Market of the Luxembourg Stock Exchange. Denominations are €100,000.
The transaction was well oversubscribed benefiting from strong international investor demand, with the majority being allocated to long-only asset managers. SAP SE plans to use the proceeds for intended acquisition of Qualtrics International Inc.
The active bookrunners for the transaction were BofA Merrill Lynch, BNP Paribas, Deutsche Bank, J.P. Morgan, Morgan Stanley and MUFG.
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