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Stena International to sell $400 million seven-year notes on Tuesday; initial talk 7¾% area
By Paul A. Harris
Portland, Ore., Jan. 8 – Stena International expects to price a $400 million offering of seven-year senior secured notes (Ba2/BB+) on Tuesday, according to market sources.
The company conducted a non-deal roadshow last September but declined to bring a notes offering following its conclusion.
Initial guidance has the notes coming to yield in the 7¾% area, according to a trader.
The deal was driven into the market on $600 million of reverse inquiry at 8¼%, the trader said, adding that only half that amount of interest remained at the initial guidance in the 7¾% area.
The Rule 144A and Regulation S notes are subject to an initial call after three years at par plus 50% of the coupon.
JPMorgan is leading the notes sale.
The Gothenburg, Sweden-based maritime shipping conglomerate plans to use the proceeds plus cash on hand to repay $350 million of its 6 1/8% senior secured notes due 2025 and a portion of its €315 million of 3¾% senior secured notes due 2025.
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