By Rebecca Melvin
Concord, N.H., Jan. 25 – Nova Kreditna Banka Maribor d.d. priced €300 million senior non-preferred bonds due 2025 (expected ratings: Ba1//BBB-) with an initial coupon of 1 7/8% to yield mid-swaps plus 215 basis points, according to market sources.
Pricing came tight to guidance of mid-swaps plus 225 bps area yield.
The notes are non-callable for two years, and if not redeemed the coupon rate will float after two years at a margin to three-month Euribor.
Joint bookrunners for the Regulation S deal are BNP Paribas, Goldman Sachs Bank Europe SE, J.P. Morgan and Unicredit.
The proceeds are earmarked for general banking and other corporate purposes.
The issue is expected to be listed on the Luxembourg stock exchange.
The lender operates Slovenia, Austria, Croatia and Serbia.
| Issuer: | Nova Kreditna Banka Maribor d.d.
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| Issuer: | Senior non-preferred bonds
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| Amount: | €300 million
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| Maturity: | Jan. 27, 2025
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| Managers: | BNP Paribas, Goldman Sachs Bank Europe SE, J.P. Morgan and Unicredit
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| Coupon: | 1 7/8%
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| Spread: | Mid-swaps plus 215 bps
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| Calls: | Non-callable for two years
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| Rate reset: | Three-month Euribor plus a margin
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| Ratings: | Moody's: Ba1
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| Fitch: BBB-
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| Distribution: | Regulation S
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| Talk: | Mid-swaps plus 225 bps area
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| ISIN: | XS2430442868
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