New Issue: Swedish sells €75 million exchangeable, into Novartis, at 0.25%, up 22%

By Ronda Fears

Nashville, July 2 - Swedish Export sold €75 million of six-year exchangeable, which convert into Novartis AG shares, at par to yield 0.25% with a 22% initial conversion premium, via lead manager UBS Investment Bank.

The Regulation S deal sold at the cheaper end of premium guidance.

It was launched Tuesday at €50 million.

Terms of the new deal are:

Issuer: Swedish Export

Issue:	Regulation S convertible senior notes
Lead manager:		UBS Investment Bank
Co-Manager:	Banca del Gottardo
Amount	€75 million
Maturity:	July 14, 2009
Coupon:	0.25%
Price:	par
Redemption price:	par
Yield:	0.25%
Conversion premium:	22%
Conversion price:	€40.8631
Conversion ratio:	24.472
Call:	noncallable for 4 years, then with 150% hurdle
Rating(s):	Moody's: Aa1
	S&P: AA+
Price Talk:	0.25%, up 21-24%
Pricing Date:	July 1
Settlement:	July 14

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.