Frankfurt—Global law firm Dentons has advised the joint lead managers in connection with the successful placement of SIXT SE’s first rated €500 million benchmark bond.

The placement immediately follows the recent announcement of SIXT SE’s long-term BBB rating by S&P Global Ratings and was more than four times oversubscribed.

The bond has a term of five years and carries a coupon of 3.75%. This is significantly lower than the coupon for last year’s unrated transaction with a term of four years and four months, which had a coupon of 5.125%. Due to the denomination of the nominal amount in 1,000 euros, retail investors can also purchase the bond again.

The proceeds will be used to refinance a large part of the 2024 maturities and at the same time strengthen the basis for a continuation of SIXT’s growth strategy.

SIXT SE, based in Pullach near Munich, is one of the leading international providers of high-quality mobility services. In 2022, the SIXT Group achieved consolidated pre-tax earnings of €550 million and consolidated revenues of €3.07 billion.

Frankfurt-based Debt Capital Markets partner Dr. Oliver Dreher led the legal team, which included senior associate Philippa Münnich-Winter and associate Nadja Reiss. The team regularly advises leading placement banks and issuers on corporate bonds, both in stand-alone transactions and in the establishment and use of issuance programmes.

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