By Paul A. Harris
Portland, Ore., Feb. 11 - Stena International SA priced $350 million of non-callable 10-year senior secured notes (Ba2/BB+/) at par to yield 5¾% on Tuesday, according to a syndicate source.
The yield printed at the wide end of the 5½% to 5¾% yield talk.
Citigroup Global Markets was the left bookrunner. J.P. Morgan Securities LLC was the joint bookrunner.
Proceeds will be used to refinance debt.
Stena is a Gothenburg, Sweden-based company that has operations in shipping and offshore oil and gas exploration.
| Issuer: | Stena International SA
|
| Amount: | $350 million
|
| Maturity: | March 1, 2024
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Citigroup Global Markets
|
| Joint bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | Danske Bank, DNB Markets, Handelsbanken, Nordea, SEB, Swedbank
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 303 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 21
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Roadshow
|
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