BASF Coatings’ €3.9 Billion Debt Deal Lures Threefold Demand

A debt package for the auto paint and finishing division of European chemicals firm BASF SE drew demand of over three times the deal’s size, as investor interest in the troubled sector starts to revive after months in the doldrums.

The €3.9 billion ($4.6 billion) offering attracted about €12 billion in commitments from investors across Europe and the US, according to people familiar with the matter, who asked not to be identified discussing a private deal. Investor appetite for this rare new-money financing pushed pricing tighter and drove up the size of the euro portion of the dual-currency transaction.