By Paul A. Harris
Portland, Ore., Aug. 25 – Axactor ASA priced NOK 2.3 billion of three-month Nibor plus 825 basis points four-year senior bonds (B3/B), according to a company news release on Friday.
The deal priced at par, according to market sources, who add that the offering was upsized from NOK 2 billion and that the spread came in the middle of the 800 bps to 850 bps spread talk.
Joint lead manager DNB will bill and deliver. Arctic and Nordea were also joint lead managers.
The Oslo-based debt collector plans to use proceeds from the new bond sale to redeem any of its 2024 bonds that remain outstanding after a buyback.
Concurrently with the new bond issue, Axactor repurchased approximately €49.6 million in the outstanding bond issue, according to the company’s Friday press release.
| Issuer: | Axactor ASA
|
| Amount: | NOK 2.3 billion, increased from NOK 2 billion
|
| Issue: | Senior bonds
|
| Maturity: | Sept. 7, 2027
|
| Managers: | DNB (bill and deliver), Arctic and Nordea
|
| Coupon: | Three-month Nibor plus 825 bps
|
| Price: | Par
|
| Yield: | Nibor plus 825 bps
|
| Floor: | 0%
|
| Call protection: | Three years
|
| Announcement date: | Aug. 25
|
| Settlement date: | Sept. 7
|
| Expected ratings: | Moody’s: B3
|
| S&P: B
|
| Price talk: | Nibor plus 800 bps to 850 bps
|
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