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Robert Bosch (RBOSGR NR/A/A): Financing

AUTOMOTIVE
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We can expect refinancing issuance down the line.

  • Bosch has upsized its RCF and taken a €4bn bridge loan. It has the $8bn HVAC transaction with Johnson Controls to fund.
  • Previously management were vague on issuance, citing funding from “own resources”. It does have ample resources on the balance sheet; cash and equivalents €7.4bn, €3.3bn term deposits and €14.3bn in securities at FY23.
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We can expect refinancing issuance down the line.

  • Bosch has upsized its RCF and taken a €4bn bridge loan. It has the $8bn HVAC transaction with Johnson Controls to fund.
  • Previously management were vague on issuance, citing funding from “own resources”. It does have ample resources on the balance sheet; cash and equivalents €7.4bn, €3.3bn term deposits and €14.3bn in securities at FY23.