Metso tenders for €400 million of 2.75% notes due 2019 at 106.723 via Nordea Bank

By Susanna Moon

Chicago, May 30 – Nordea Bank AB (publ) began a tender offer for the €400 million of 2.75% notes due Oct. 4, 2019 issued by Metso Corp.

The tender offer will remain open until 11 a.m. ET on June 7.

Holders also will receive accrued interest to but excluding the settlement date.

The offer is being held “to extend the company's debt maturity profile in an efficient manner,” according to a company announcement.

Pricing will be set using a fixed purchase yield of negative 0.15% for a purchase price of €1,067.23 per €1,000 principal amount assuming a settlement date of June 12, according to a separate notice by Nordea.

Metso said it also plans to price new euro-denominated notes under its €1.5 billion of euro medium-term notes program.

The tender is contingent on the issue of the new notes.

The company will review tender instructions and may give priority in the allocation of new notes to holders tendering their notes, but that cannot be assured, Nordea noted.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Nordea Bank AB (publ) (+45 6161 2996 or NordeaLiabilityManagement@nordea.com) are the lead dealer managers. Danske Bank A/S (+45 45 14 67 24 or liabilitymanagement@danskebank.dk) and OP Corporate Bank (+358 10 252 1668 or LiabilityManagement@op.fi) are the co-dealer managers. Citibank NA, London Branch (+44 20 7508 3867 or exchange.gats@citi.com) is the tender agent.

The issuer is a Helsinki, Finland-supplier of process industry machinery.

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