Sandvik raises EUR 500 million in the corporate bond market

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.

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 3.90% with a maturity date on September 27, 2029, corresponding to mid swaps +1.23 percentage points. 

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.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/sandvik/r/sandvik-raises-eur-500-million-in-the-corporate-bond-market,c3634052

The following files are available for download:

https://mb.cision.com/Main/208/3634052/1628961.pdf

Sandvik raises EUR 500 million in the corporate bond market

View original content:https://www.prnewswire.com/news-releases/sandvik-raises-eur-500-million-in-the-corporate-bond-market-301628632.html

SOURCE Sandvik

FAQ

What was the amount raised by Sandvik in the bond market on September 20, 2022?

Sandvik raised EUR 500 million in the corporate bond market.

What is the maturity date for Sandvik's recent bond issue?

The maturity date for the bond issue is September 27, 2029.

What was the re-offer yield for Sandvik's bonds issued on September 20, 2022?

The re-offer yield for the bonds was 3.90%.

How many investors participated in Sandvik's bond offering?

The bond offering was placed with more than 80 investors.

Where will Sandvik's bonds be listed?

The bonds will be listed on the official list of the Luxembourg Stock Exchange.