Kongsberg Automotive talks €275 million seven-year notes at 4¾%-5%

By Paul A. Harris

Portland, Ore., July 11 – Kongsberg Automotive ASA talked its €275 million offering senior secured notes due 2025 (Ba3/B+) to yield 4¾% to 5%, according to a market source.

Official talk comes in line with earlier whispers in the high 4% area to 5%.

Books close on Thursday, the source added.

Sole physical bookrunner JPMorgan will bill and deliver.

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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