Sandvik raises EUR 500 million in the corporate bond market

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.

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 0.47% with a maturity date of November 25, 2028, corresponding to mid swaps 0.45 percentage points. 

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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Sandvik raises EUR 500 million in the corporate bond market

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SOURCE Sandvik

FAQ

What is the bond amount raised by Sandvik in November 2021?

Sandvik raised EUR 500 million in the corporate bond market.

What is the maturity date of Sandvik's recent bond offering?

The maturity date of the bond is November 25, 2028.

What was the yield for Sandvik's corporate bond issued in November 2021?

The re-offer yield for the bond was 0.47%.

How many investors participated in Sandvik's bond offering?

More than 110 investors participated in the offering.

Where will Sandvik's bonds be listed?

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