By Paul A. Harris
Portland, Ore., June 11 – Outokumpu Oyj priced a €250 million issue of six-year senior secured notes (expected Ba3) at par to yield 4 1/8% on Monday, according to market sources.
The coupon came on top of final talk. Initial talk was 4% to 4¼%.
“This was an important step in reducing our interest expenses and extending our debt maturity profile,” chief financial officer Chris de la Camp stated in a Monday press release.
“Going forward, we will continue to focus on deleveraging the company further,” he added.
BNP Paribas and Nordea were coordinators and joint lead managers. Danske Bank and Swedbank were also joint lead managers.
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.
| Issuer: | Outokumpu Oyj
|
| Amount: | €250 million
|
| Maturity: | June 18, 2024
|
| Securities: | Senior secured notes
|
| Coordinators: | BNP Paribas, Nordea
|
| Joint lead managers: | BNP, Nordea, Dankse, Swedbank
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| First call date: | June 18, 2020
|
| Trade date: | June 11
|
| Settlement date: | June 18
|
| Expected rating: | Moody's: Ba3
|
| Distribution: | Regulation S only
|
| Price talk: | 4 1/8%
|
| Marketing: | Roadshow
|
| Listing: | Nasdaq Helsinki
|
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