By Paul A. Harris
Portland, Ore., Feb. 6 – Stena International SA priced a $400 million issue of seven-year senior secured notes (Ba3/BB+) at par to yield 7 5/8% on Tuesday, according to market sources.
The yield printed at the tight end of yield talk in the 7¾% area but in the middle of the 7½% to 7¾% initial guidance.
The deal was heard to be playing to $600 million of demand at the final talk, a trader said.
JPMorgan was the lead.
The Gothenburg, Sweden-based maritime shipping conglomerate plans to use the proceeds to repay bank debt.
| Issuer: | Stena International SA
|
| Amount: | $400 million
|
| Issue: | Senior secured notes
|
| Maturity: | Feb. 15, 2031
|
| Lead: | JPMorgan
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 355 bps
|
| First call: | Feb. 15, 2027 at 103.813
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 15
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
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