Swedish forest products giant SCA has made the first issue under its newly established Euro MTN programme (corporate bond programme).
According to the company’s website (www.sca.se), the five-year issue was substantially oversubscribed and the loan amount was finally set at Euro700 M.
The price was 0.55% above the reference rate of interest (so-called mid-swaps).
SCA said that the ‘”oan transaction is a feature of our ongoing refinancing of maturing loans”.
“The Euro MTN program represents another funding source for SCA and the corporate bonds issued under the programme also offer longer maturities than the traditional bank lending market,” the company added.
The SCA bonds have been placed with nearly 200 investors from 10 countries.
