Sandvik raises EUR 500 million in the corporate bond market

Rhea-AI Summary

Sandvik, based in Sweden, has successfully raised EUR 500 million in the corporate bond market under its Euro Medium Term Note (EMTN) program. The bonds, with a maturity date of June 7, 2027, have a re-offer yield of 2.26% and were oversubscribed by three times, attracting over 60 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

• Raised EUR 500 million in corporate bond market.
• Transaction oversubscribed 3 times, indicating strong demand.
• Funds will refinance maturing loans, improving financial stability.

Negative

• None.

SANDVIKEN, Sweden, May 31, 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 2.26% with a maturity date on June 7, 2027, corresponding to mid swaps +0.73 percentage points. 

The bond offering was oversubscribed 3 times, and the transaction was placed with more than 60 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.

J.P. Morgan, Société Générale, Nordea and MUFG acted as joint bookrunners for the transaction.

Stockholm, May 31, 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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Sandvik raises EUR 500 million in the corporate bond market

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SOURCE Sandvik

FAQ

What is the purpose of Sandvik's recent bond issuance?

The purpose of the bond issuance is to refinance maturing loans and for general corporate purposes.

What is the maturity date for Sandvik's EUR 500 million bonds?

The bonds have a maturity date of June 7, 2027.

What was the yield for Sandvik's recent bond offering?

The re-offer yield for the bond was 2.26%.

How many investors participated in Sandvik's bond offering?

The bond offering was placed with more than 60 investors.

Where will Sandvik's bonds be listed?

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