By Paul A. Harris
Portland, Ore., July 12 – Kongsberg Automotive ASA priced a €275 million issue of seven-year senior secured notes (Ba3/B+) at par to yield 5% on Thursday, according to market sources.
The yield printed at the wide end of the 4¾% to 5% yield talk. Yield talk came in line with initial price talk in the high 4% area to 5%.
Sole physical bookrunner JPMorgan will bill and deliver.
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.
| Issuer: | Kongsberg Automotive ASA
|
| Amount: | €275 million
|
| Tenor: | Seven years
|
| Securities: | Senior secured notes
|
| Physical bookrunner: | JPMorgan
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Call protection: | Two years
|
| Trade date: | July 12
|
| Ratings: | Moody's: Ba3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Roadshow
|
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