By Susanna Moon
Chicago, Oct. 31 – Orexo AB (publ.) sold SEK 325 million of four-year floating-rate notes Stibor plus 450 basis points on Tuesday.
The notes were issued within a framework amount of SEK 500 million, according to a company announcement.
Pareto Securities is the bookrunner.
Proceeds will be used to prepay the company's bond loan and for general corporate purposes.
The issuer said on Oct. 27 that it plans to redeem its outstanding SEK 342 million of senior unsecured callable floating-rate bonds due 2018 on Nov. 22 at 101, contingent on the issue of new notes.
That condition has now been met.
The company said it plans to list the new bonds on the corporate bond list of Nasdaq Stockholm.
“The bond issue leaves us in a strong financial position and enables us to continue our strategy and take advantage of market opportunities when they occur,” Nikolaj Sørensen, chief executive officer and president of Orexo, said in the company’s press release.
Orexo is a specialty pharmaceutical company based in Uppsala, Sweden.
| Issuer: | Orexo AB (publ.)
|
| Issue: | Floating-rate notes
|
| Amount: | SEK 325 million
|
| Maturity: | November 2021
|
| Bookrunner: | Pareto Securities
|
| Coupon: | Stibor plus 450 bps
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 13
|
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