By Paul A. Harris
Portland, Ore., May 16 - Sweden-based steel producer Ovako AB priced an upsized €300 million issue of five-year senior secured notes (B3/B/) at par to yield 6½% on Friday, according to a market source.
The yield printed on top of yield talk as well as earlier guidance.
The deal was upsized from €285 million.
Lead bookrunner JPMorgan will bill and deliver. Nordea was also a lead bookrunner. Deutsche Bank was a joint bookrunner.
The Stockholm-based company plans to use the proceeds to refinance debt.
| Issuer: | Ovako AB
|
| Amount: | €300 million, increased from €285 million
|
| Maturity: | June 1, 2019
|
| Securities: | Senior secured notes
|
| Lead bookrunners: | JPMorgan (bill and deliver), Nordea
|
| Joint bookrunner: | Deutsche Bank
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 605 bps
|
| First call: | June 1, 2016 at 103.25
|
| Trade date: | May 16
|
| Settlement date: | May 23
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
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