Published on 7/2/2003 in the Prospect News Convertibles Daily.
New Issue: Swedish sells €75 million exchangeable, into Novartis, at 0.25%, up 22%
By Ronda Fears
Nashville, July 2 - Swedish Export sold €75 million of six-year exchangeable, which convert into Novartis AG shares, at par to yield 0.25% with a 22% initial conversion premium, via lead manager UBS Investment Bank.
The Regulation S deal sold at the cheaper end of premium guidance.
It was launched Tuesday at €50 million.
Terms of the new deal are:
Issuer: Swedish Export
Issue: | Regulation S convertible senior notes
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Lead manager: | | UBS Investment Bank
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Co-Manager: | Banca del Gottardo
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Amount | €75 million
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Maturity: | July 14, 2009
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Coupon: | 0.25%
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Price: | par
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Redemption price: | par
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Yield: | 0.25%
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Conversion premium: | 22%
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Conversion price: | €40.8631
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Conversion ratio: | 24.472
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Call: | noncallable for 4 years, then with 150% hurdle
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Rating(s): | Moody's: Aa1
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| S&P: AA+
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Price Talk: | 0.25%, up 21-24%
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Pricing Date: | July 1
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Settlement: | July 14
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