Mercedes-Benz Financial Services Italia, the financing company of the Daimler Group in Italy for the brands Mercedes-Benz and Smart, issued two floating rate bonds for a total size of 150 million euros. One bond has a 100 million euros size and matures in December 2017 paying a 3months euribor plus 55 basis points coupon while the othe bond has a 50 million euros size and matures in December 2020 paying a 3months euribor plus 81 bps.
Both bonds have been listed on the ExtraMot Pro market last December 11th, both are senior and bullet bonds and are guarateed by Daimler ag. That’s why the bonds have been grated the ratings A3/A-/A-/A respectively by Moody’s, S&P’s, Fitch and Dbrs.
The 5 years bond has been subscribed by an insurance company in a private placement MF Milano Finanza wrote last Saturday with Mediobanca acting as sole lead manager for the deal.
The company closed FY 2014 with an intermediation margin of 56.6 million euros (from 53 millions in 2013), a contribution margin of 44.7 millions (from 37.8 millions) and 8.5 millions in net profits (from 1.7 millions). Mercedes-Benz Financial Services Italia will use proceeds from the bonds for financing its ordinary business.