Ovako upsizes to €300 million, talks five-year secured notes to yield in 6½% area; pricing Friday

By Paul A. Harris

Portland, Ore., May 15 - Sweden-based steel producer Ovako AB upsized its offering of five-year senior secured notes (B3/B) to €300 million from €285 million and talked them to price with a yield in the 6½% area, according to a market source.

The deal is expected to price on Friday.

Lead bookrunner JPMorgan will bill and deliver for the Rule 144A and Regulation S for life offering. Nordea is also a lead bookrunner. Deutsche Bank is a joint bookrunner.

The notes come with two years of call protection.

The Stockholm-based company plans to use the proceeds to refinance debt.

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