Sandvik raises EUR 500 million in the corporate bond market
Sandvik has successfully raised EUR 500 million through its Euro Medium Term Note (EMTN) program, with a re-offer yield of 3.90% and a maturity date set for September 27, 2029.
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Rhea-AI Summary
Sandvik has successfully raised EUR 500 million through its Euro Medium Term Note (EMTN) program, with a re-offer yield of 3.90% and a maturity date set for September 27, 2029. The bond offering was oversubscribed 2.9 times, attracting more than 80 investors. The funds are intended for refinancing maturing loans and general corporate purposes. Nordea, Danske Bank, Citibank, and Deutsche Bank served as joint bookrunners for this transaction, which will be listed on the Luxembourg Stock Exchange.
Positive
- Successful bond issuance of EUR 500 million.
- Oversubscription indicates strong investor interest (2.9 times).
- Funds will be used for refinancing loans and general corporate purposes.
Negative
- None.
Details
News Market Reaction – SDVKY
The recorded move for SDVKY in the trading session of this news was -4.92%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
STOCKHOLM, Sept. 20, 2022 /PRNewswire/ -- Sandvik has today raised EUR 500 million in the corporate bond market under its Euro Medium Term Note (EMTN) program. The re-offer yield for the bond was
The bond offering was oversubscribed 2.9 times, and the transaction was placed with more than 80 investors.
The bonds will be listed on the official list of Luxembourg Stock Exchange. The purpose of the issue is to refinance maturing loans and general corporate purposes.
Nordea, Danske Bank, Citibank and Deutsche Bank acted as joint bookrunners for the transaction.
Stockholm, September 20, 2022
Sandvik AB
For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008.
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SOURCE Sandvik
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