Nitrogenmuvek’s €200 million seven-year notes set to yield 7%

By Rebecca Melvin

New York, May 3 – Hungary’s Nitrogenmuvek Zrt. set pricing for its €200 million offering of seven-year notes (expected ratings: B/B+) to yield 7%, according to a syndicate source on Thursday.

The notes are non-callable for three years.

Pricing was tightened from guidance of 7% to 7¼%.

BNP Paribas, JPMorgan and Raiffeisen Bank International AG are joint lead managers and joint bookrunners of the Rule 144A and Regulation S deal, which is expected to settle on May 11.

The proceeds will be used to refinance the company’s outstanding dollar-denominated eurobonds due 2020 and for general corporate purposes.

Nitrogenmuvek is a Veszprem, Hungary-based producer of ammonia and fertilizers.

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