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Sweden’s Ovako mandates banks ahead of possible secured notes offer, seeks to refinance 6˝% notes
By Paul A. Harris
Portland, Ore., Sept. 15 – Ovako Group AB mandated Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AB to arrange meetings with bond investors ahead of a possible euro-denominated offering of senior secured notes, pending market conditions, according to a Friday press release.
The company stated that it intends to refinance its 6˝% senior secured notes due 2019.
Separately, Moody's Investors Service assigned its B3 rating on the proposed of €300 million senior secured notes due 2022 to be sold by subsidiary Ovako AB. S&P Global Ratings assigned its B- rating to the proposed offering.
The Stockholm-based company produces and develops high-tech steel solutions for customers in the ball bearing, transport and manufacturing industries.
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