Axactor launches upsized NOK 2.3 billion four-year floaters at Nibor plus 825 bps at par

By Paul A. Harris

Portland, Ore., Aug. 24 – Axactor SE (B1/B) launched an upsized NOK 2.3 billion offering of four-year floating-rate senior bonds with an 825 basis points spread to three-month Nibor, at par, according to a market source.

The deal, upsized from NOK 2 billion, is set to price and allocate on Thursday.

The launch comes in the middle of the 800 bps to 850 bps spread guidance.

The bonds come with three years of call protection.

There is no Nibor floor.

Arctic Securities, DNB Markets and Nordea are the joint lead managers.

In connection with the issue, Axactor has offered a conditional buyback of its outstanding bonds with the ticker "ACR02" due Jan. 12, 2024 (ISIN: NO0010914666).

The Oslo-based debt collector plans to use proceeds from the new bond sale to redeem any of the 2024 bonds that remain outstanding after the buyback.

Axactor’s largest shareholder, Geveran Trading Co. Ltd., has pre-subscribed for NOK 750 million with preferred allocation in the new issue.

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