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Outokumpu sets talk for €250 million six-year secured notes at 4 1/8%; pricing expected Monday
By Paul A. Harris
Portland, Ore., June 11 – Outokumpu Oyj set final talk on its €250 million offering of six-year senior secured notes (expected Ba3) at 4 1/8%, according to a market source.
Final talk comes in the middle of the 4% to 4¼% initial price talk.
The Regulation S only offering is expected to price on Monday.
BNP Paribas and Nordea are coordinators and joint lead managers for the Regulation S deal. Danske Bank and Swedbank are also joint lead managers.
The notes become callable after two years at par plus 50% of the coupon.
Proceeds will be used to redeem the company’s outstanding 7¼% senior notes due 2021 and for general corporate purposes.
The notes will be listed on the Nasdaq Helsinki.
Outokumpu is a Helsinki, Finland-based producer of stainless steel.
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