€ 600 Million FRN for Volkswagen Bank GmbH
Volkswagen Bank GmbH is issuing a floating rate note (FRN) with a volume of € 600 million under its € 18 billion debt issuance programme. The four-year issue, which is due on June 27, 2007, carries a coupon of 3-month Euribor plus 25 basis points and has an issue price of 99.9572%. Lead managers for the issue, which will be listed on the Luxembourg Stock Exchange, are WestLB and Bayerische Landesbank. Value date is June 27, 2003. The issuer is rated A1 (stable) by Moody´s and A+ (negative) by S&P.
Volkswagen Bank GmbH, Volkswagen Bank direct, Volkswagen Leasing GmbH and Volkswagen Versicherungsdienst GmbH are German operating subsidiaries of Volkswagen Financial Services AG. Volkswagen Financial Services AG is a wholly owned subsidiary of Volkswagen AG and is the largest European autobobile financial services provider.