By Paul A. Harris
Portland, Ore., Sept. 3 – Axactor SE priced a €300 million issue of five-year senior floating-rate notes (B3/B) on Friday with a coupon of three-month Euribor plus 535 basis points, according to a company press release.
The deal priced tight to the 535 bps to 550 bps spread talk, according to a market source, who added that initial talk was Euribor plus 550 bps to 575 bps.
Orders books were right around deal size, the source said.
Arctic Securities, DNB Markets and Nordea were the joint lead managers.
The Oslo-based debt collector plans to use the proceeds to repay debt and for general corporate purposes.
| Issuer: | Axactor SE
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| Amount: | €300 million
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| Tenor: | Five years
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| Securities: | Senior floating-rate notes
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| Managers: | Arctic Securities, DNB Markets and Nordea
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| Coupon: | Three-month Euribor plus 535 bps
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| Call protection: | Four years
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| Trade date: | Sept. 3
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| Ratings: | Moody's: B3
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| S&P: B
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| Listing: | Oslo Stock Exchange
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| Price talk: | Euribor plus 535 bps to 550 bps
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