By Paul A. Harris
Portland, Ore., Jan. 17 - Stena AB priced an upsized $600 million issue of non-callable 10-year senior notes (B2/BB) at par to yield 7% on Friday, according to a market source.
The deal was upsized from $400 million.
The yield printed at the tight end of the 7% to 7¼% yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BNP Paribas and HSBC Securities were the joint bookrunners.
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.
| Issuer: | Stena AB
|
| Amount: | $600 million, increased from $400 million
|
| Maturity: | Feb. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BNP Paribas, HSBC
|
| Co-manager: | RBS Securities
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 415 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Jan. 17
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Roadshow
|
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