By Paul A. Harris
Portland, Ore., March 3 – Iceland’s Arion Bank priced a €300 million issue of 3 1/8% three-year bonds, according to a Tuesday press release.
Citigroup, Deutsche Bank and Nomura arranged the sale.
The deal played to €675 million of demand from approximately 100 investors, according to the press release, which added that the deal represents the first issue by an Icelandic bank in euros to be sold to a broad group of investors since the financial crisis.
Arion plans to use the proceeds to term out higher interest debt.
| Issuer: | Arion Bank
|
| Amount: | €300 million
|
| Maturity: | Three years
|
| Securities: | Bonds
|
| Bookrunners: | Citigroup, Deutsche Bank, Nomura
|
| Coupon: | 3 1/8%
|
| Spread: | Euribor plus 310 bps
|
| Announcement date: | March 3
|
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