Norway’s Axactor launches €300 million five-year floating-rate notes at Euribor plus 535 bps

By Paul A. Harris

Portland, Ore., Sept. 3 – Axactor SE launched a €300 million offering of five-year senior floating-rate notes (Ba3/B) at three-month Euribor plus 535 basis points, according to a market source.

The deal launched at the tight end of the 535 bps to 550 bps spread talk. Initial talk was Euribor plus 550 bps to 575 bps.

Orders books were right around deal size, the source said.

The notes come with four years of call protection.

Arctic Securities, DNB Markets and Nordea are the joint lead managers.

The Oslo-based debt collector plans to use the proceeds to repay debt and for general corporate purposes.

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