Date: 2013-08-01

Schaeffler to Sell Junk in Biggest PIK Toggle for Years

Last month bond markets were having a major strop. Prices were sliding, deals were being scrapped, funds were losing money. A summer of discontent seemed inevitable. Things were still shaky at the start of July.

Yet just a couple of weeks later, all is apparently forgotten. The latest sign? A bumper junk-bond sale from Schaeffler Group.

The German ball-bearings maker is seeking to sell one of the riskiest types of high-yield debt Thursday in what would be the largest deal of its kind since the collapse of Lehman Brothers in 2008.

Schaeffler is planning to raise #8364;1.5 billion ($1.97 billion) from selling payment-in-kind toggle notes, so called because they give the issuer an option to pay interest with new debt instead of cash.

Banks working on the deal say the five-year bond

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