Stena sets initial talk on €325 million five-year notes in 8% area

By Paul A. Harris

Portland, Ore., Jan. 31 – Stena AB set initial price talk in the 8% area for its €325 million offering of Stena International SA five-year senior secured notes (Ba3/BB), according to market sources.

A Tuesday conference call with investors was scheduled for the midday period, London time.

JPMorgan is the left bookrunner. BNP Paribas, Citigroup and Nordea are the joint bookrunners.

The Rule 144A and Regulation S notes come with two years of call protection.

The Gothenburg, Sweden-based conglomerate, which is heavily focused on maritime shipping, plans to use the proceeds to pay off the Stena International 5¾% senior secured notes due March 2024.

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