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Fastighets AB Balder launches €350 million hybrid notes at 3 1/8%; pricing Thursday
By Paul A. Harris
Portland, Ore., Aug. 31 – Fastighets AB Balder launched €350 million of hybrid securities (Ba2/BB+) at 3 1/8% on Thursday, according to a market source.
The launch rate comes well inside of initial talk of 3½%, the source added.
The notes, part of a dual-tranche deal, should price shortly.
The hybrid notes have a 61-year final maturity, rendering them due in March 2078. They become callable on March 7, 2023.
Deutsche Bank AG London is the stabilization manager.
The hybrids are coming in conjunction with a €500 million offering of investment-grade non-hybrid senior notes.
The issuer is a Gothenburg, Sweden-based commercial and residential property developer.
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