Norway’s Telenor has priced a €600m 12-year bond to refinance debt and for general corporate purposes.
The bond carries a coupon of 2.625% and priced at 99.099 to yield 2.714%, equal to a spread of 83 basis points over euro mid-swaps, the company…
Norway’s Telenor has priced a €600m 12-year bond to refinance debt and for general corporate purposes.
The bond carries a coupon of 2.625% and priced at 99.099 to yield 2.714%, equal to a spread of 83 basis points over euro mid-swaps, the company said in an Oslo Stock Exchange release. It matures in December 2024.
Issued under the company’s EMTN programme, the notes will be listed on the Luxembourg Stock Exchange. Moody’s have rated them ‘A3’.
The bond will replace an existing 4.5% €500m bond due 2014, which the company is partly buying back.
Telenor also took the opportunity to disclose the results of its tender offer to repurchase part of the €500m bond. The company said it will buy notes worth a total nominal value of €243m, leaving €257m outstanding. Settlement is expected to take place on 6 December.
Goldman Sachs, ING, Morgan Stanley and Nordea are joint bookrunners for the bond issue.
Goldman Sachs and Nordea are dealer managers for the tender offer, while Lucid Issuer Services is tender agent.