Sweden's Stena starts roadshow for $400 million 10-year bullet notes; pricing expected Friday

By Paul A. Harris

Portland, Ore., Jan. 13 - Stena AB began a roadshow on Monday for a $400 million offering of non-callable 10-year senior notes (expected ratings B2/BB), according to a market source.

The deal is expected to price on Friday.

J.P. Morgan Securities LLC, Citigroup Global Markets, BNP Paribas and HSBC Securities are the joint bookrunners for the Rule 144A and Regulation S offering. RBS Securities Inc. is the co-manager.

Proceeds will be used to repay debt under the company's revolving credit facility.

The Gothenburg, Sweden-based company has operations in shipping and offshore oil and gas exploration.

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