Bertelsmann prices €1.3 billion bond, among Germany's largest media debt deals
What's the deal? German media, services, and education group BertelsmannDealroom has a profile for this one. Try Dealroom → has priced a €1.25 billion dual-tranche senior unsecured bond. BNP Paribas and Goldman Sachs Bank Europe acted as joint global coordinators, with Commerzbank, HSBC, and Landesbank Baden-Württemberg joining as bookrunners.
The details: The issue splits into a €750 million five-year tranche and a €500 million nine-year tranche. The shorter tranche carries a 4.500% coupon maturing October 6, 2031; the longer one carries a 5.000% coupon maturing October 6, 2035. Settlement is scheduled for October 6, 2026.
Why it stands out: The raise ranks in the 99th percentile of all post-IPO debt deals by German media companies, based on a sample of 105 comparable rounds. That places it among the largest such financings the sector has recorded.
The pricing: The five-year tranche was priced at mid-swaps plus 98 basis points, reoffered at 99.580 for a yield of 4.596%. The nine-year tranche came at mid-swaps plus 138 basis points, reoffered at 99.752 for a yield of 5.035%.
The signal: Bertelsmann's dual-tranche structure lets it lock in fixed rates across two maturities, a common approach for large corporates managing long-term funding. The size and pricing point to sustained investor appetite for established European media credits.
Read more: econostream-media.com
Image credit: Jorge Lascar
