Sandvik raises EUR 500 million in the corporate bond market
Sandvik has successfully raised EUR 500 million in the corporate bond market through its Euro Medium Term Note (EMTN) program, achieving a re-offer yield of 0.47% with a maturity date of November 25, 2028.
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Rhea-AI Summary
Sandvik has successfully raised EUR 500 million in the corporate bond market through its Euro Medium Term Note (EMTN) program, achieving a re-offer yield of 0.47% with a maturity date of November 25, 2028. The bond offering was oversubscribed 4 times, with placements made to over 110 investors. The funds will be utilized for refinancing maturing loans and general corporate purposes. The bonds will be listed on the official list of the Luxembourg Stock Exchange.
Positive
- Oversubscribed bond offering by 4 times indicates strong investor demand.
- Successful fundraising of EUR 500 million enhances financial stability.
- Listing on the Luxembourg Stock Exchange increases visibility and liquidity.
Negative
- None.
Details
News Market Reaction – SDVKY
The recorded move for SDVKY in the trading session of this news was -1.18%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SANDVIKEN, Sweden, Nov. 19, 2021 /PRNewswire/ -- Sandvik has 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 4 times, and the transaction was placed with more than 110 investors.
The bonds will be listed on the official list of Luxembourg Stock Exchange. The background for the transaction is to refinance maturing loans and general corporate purposes.
Deutsche Bank, Citigroup, Crédit Agricole CIB and SEB acted as joint bookrunners for the transaction.
Stockholm, November 19, 2021
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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