April 30, 2024 13:45 GMT
ZFF (Ba1/BB+): Lifetec IPO Progressing
HIGH YIELD
•According to Bloomberg, ZF has mandated banks to work on a potential IPO of the Lifetec division.
• €3-4bn EV expected. ZFF has €18bn debt with €1.2bn due this year, although it has raised ~€2.2bn already this year.
• Potential credit positive for ZFF, dependent on use of proceeds.
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