By Paul A. Harris
Portland, Ore., June 7 – Finland-based Stora Enso Oyj priced a €300 million issue of 2 1/8% seven-year fixed-rate notes at a 200 basis points spread to mid-swaps on Tuesday, according to a company press release.
The deal was talked at 230 bps over mid-swaps.
The notes came at a reoffer price of 99.711 to yield 2.17%.
Deutsche Bank AG, London Branch, JPMorgan and Nordea managed the sale.
The pulp and paper manufacturer, based in Helsinki, plans to use the proceeds to make share repurchases and address near-term maturity debt.
Issuer: | Stora Enso Oyj
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Amount: | €300 million
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Maturity: | June 16, 2023
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Securities: | Fixed-rate notes
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Managers: | Deutsche Bank AG, London Branch (stabilization manager), JPMorgan, Nordea
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Coupon: | 2 1/8%
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Price: | 99.711
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Yield: | 2.17%
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Spread: | Mid-swaps plus 200 bps
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Trade date: | June 7
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Settlement date: | June 16
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Format: | Euro medium-term notes program
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Price talk: | Mid-swaps plus 230 bps
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Marketing: | Investor call
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