Norway's EWOS restructures multi-currency bond deal, sets price talk

By Paul A. Harris

Portland, Ore., Oct. 15 - EWOS Group restructured its multi-currency notes offering and set price talk, a market source said on Tuesday.

A downsized €225 million offering of seven-year secured fixed-rate notes (/B/) is talked to yield in the 7% area. The tranche was downsized from €300 million.

An upsized NOK 1.81 billion tranche of seven-year secured floating-rate notes (/B/) is talked with a 500 basis points to 525 bps spread to Nibor. The tranche was upsized from NOK 1 billion.

In addition to the secured tranches, EWOS intends to privately place NOK 1.04 billion of Nibor plus 920 bps seven-year senior subordinated notes (CCC+), the source said.

Pricing is expected on Wednesday.

Global coordinator Deutsche Bank will bill and deliver for the euro-denominated notes.

Global coordinator Swedbank will bill and deliver for the krone-denominated notes.

Rabobank and Danska Bank are joint bookrunners.

Proceeds will be used to fund an equity contribution and put cash on the balance sheet.

EWOS is a Bergen, Hordaland, Norway-based producer of feed for farm-raised fish.

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