By Paul A. Harris
Portland, Ore., June 9 – Outokumpu Oyj priced an upsized €250 million issue of 7¼% five-year callable senior secured bonds, according to a Thursday press release.
The issue size was increased from €200 million.
“This was an important step in extending our maturity profile while also addressing the 2017 debt maturities,” Outokumpu CEO Roeland Baan stated in the release.
“Due to the strong demand, the issue was significantly oversubscribed, which is a clear indication of investors' confidence and their belief in our new strategy. Outokumpu’s priority will continue to be improving financial performance and further deleveraging of the company.”
Danske Bank A/S and Nordea Bank Finland plc are the coordinators and lead managers for the offer. OP Corporate Bank plc, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken and Swedbank AB are also lead managers.
The Espoo, Finland-based stainless steel producer plans to use the proceeds primarily to prepay debt.
| Issuer: | Outokumpu Oyj
|
| Amount: | €250 million, increased from €200 million
|
| Maturity: | June 16, 2021
|
| Securities: | Callable senior secured bonds
|
| Coordinators: | Danske Bank A/S, Nordea Bank Finland plc
|
| Lead managers: | Danske, Nordea, OP Corporate Bank plc, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken, Swedbank AB
|
| Coupon: | 7¼%
|
| Announcement date: | June 9
|
| Marketing: | Roadshow
|
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