Kongsberg Automotive offers €275 million seven-year secured notes

By Paul A. Harris

Portland, Ore., July 10 – Kongsberg Automotive ASA is expected to price a €275 million offering senior secured notes due 2025 (Ba3/B+) before the end of the July 9 week, according to a market source.

The notes come with two years of call protection.

The Kongsberg, Norway-based automotive parts manufacturer plans to use the proceeds to refinance $172 million and €182 million of debt under its revolving credit facilities. At the same time, the company intends to enter into a new €50 million revolver.

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