By Paul A. Harris
Portland, Ore., April 3 - Stockholm-based steel producer SSAB AB priced an upsized €350 million issue of 3 7/8% five-year senior notes (/BB/) at 99.444 to yield 4% on Thursday, according to a market source.
The deal was upsized from €300 million.
The yield printed at the tight end of initial guidance that was set in the 4 1/8% area.
Active bookrunner Credit Agricole CIB will bill and deliver. Citigroup and Nordea are also active bookrunners. SEB and SHB are passive bookrunners.
Proceeds will be used to refinance debt and for general corporate purposes.
| Issuer: | SSAB AB
|
| Amount: | €350 million, increased from €300 million
|
| Maturity: | April 10, 2019
|
| Securities: | Senior notes
|
| Active bookrunners: | Credit Agricole CIB (bill and deliver), Citigroup, Nordea
|
| Passive bookrunners: | SEB and SHB
|
| Coupon: | 3 7/8%
|
| Price: | 99.444
|
| Yield: | 4%
|
| Spread: | 330.6 bps over Bunds
|
| Initial guidance: | 4 1/8% area
|
| Trade date: | April 3
|
| Settlement date: | April 10
|
| Rating: | Standard & Poor's: BB
|
| Distribution: | Regulation S, Euro medium-term notes program
|
| Marketing: | Roadshow
|
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