New York, July 14 – Zagrebacki Holding doo priced HRK 1.8 billion of 3 7/8% seven-year notes at 97.186 to yield 4.35%, according to an announcement from the issuer.
The deal priced at the rich end of talk that had been set at the 4.4% area, plus or minus 5 basis points.
Demand was HRK 3 billion.
The sale is the first tranche of a new notes issue.
The issuer is planning up to HRK 2.3 billion of new notes to fund its offer, with the new notes to be issued in one or more tranches, according to earlier announcements.
The notes will be guaranteed by the city of Zagreb.
Privredna banka Zagreb and Zagrebacka banka are the joint managers.
As announced June 30, Zagrebacki is tendering for its €300 million of 5½% notes due 2017 at a purchase price of €1,025 per €1,000 principal amount plus accrued interest.
The tender ended at 11 a.m. ET on July 13. Zagrebacki said it accepted tenders for €146.3 million of notes.
The issuer previously said it aims to reduce the cost of its debt by carrying out the transactions.
Zagrebacki Holding provides municipal services and financing for infrastructure projects for the city of Zagreb, Croatia.
| Issuer: | Zagrebacki Holding doo
|
| Guarantor: | City of Zagreb
|
| Issue: | Notes
|
| Amount: | HRK 1.8 billion
|
| Maturity: | July 15, 2023
|
| Managers: | Privredna banka Zagreb and Zagrebacka banka
|
| Coupon: | 3 7/8%
|
| Price: | 97.186
|
| Yield: | 4.35%
|
| Pricing date: | July 13
|
| Settlement date: | July 15
|
| Talk: | 4.4%, plus or minus 5 bps
|
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