By Paul A. Harris
Portland, Ore., Sept. 22 – Ovako Group AB sold €310 million of 5% senior secured notes due 2022, according to a Thursday press release.
The issue size was increased from €300 million.
Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AB were the joint bookrunners.
Proceeds will be used to refinance Ovako’s existing €300 million of notes maturing in June 2019, which will be redeemed on Oct. 15, and for general corporate purposes.
“We are very pleased with the great interest we have met from investors in the transaction,” Ovako chief financial officer Johan Ryrberg stated in Thursday's press release.
“The offering was quickly oversubscribed and we can now access financing at significantly lower levels than a couple of years ago” Ryrberg added.
The Stockholm-based company produces and develops high-tech steel solutions for customers in the ball bearing, transport and manufacturing industries.
| Issuer: | Ovako Group AB
|
| Amount: | €310 million, increased from €300 million
|
| Maturity: | 2022
|
| Securities: | Senior secured notes
|
| Bookrunners: | Carnegie Investment Bank AB, Nordea Bank AB, Pareto Securities AS
|
| Coupon: | 5%
|
| Announcement date: | Sept. 21
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Listing: | Luxembourg Stock Exchange
|
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