Swedish shipowning group Stena AB has added $100m to its stated fund raising target as it sold a bond issue.
The tanker, ferry, LNG carrier and drilling company said it had upsized the five-year secured debt from $600m.
It sold the bonds in a €315m ($349m) tranche and a $350m tranche.
Pricing of the euro notes had been expected to be around 4.5%. It obtained a fixed yield of 3.75%, implying a 4.3% coupon, Fearnley Securities said.
Guidance for the dollar issue suggested a rate of towards 7%. The fixed yield was 6.125%, implying a much lower 4.55% level.
Proceeds outstrip loan repayment needs
Stena had gone out to the market to pay off maturing debt.
Finance director Peter Claesson told TradeWinds earlier this week: "The proceeds from the potential transaction will be used to repay a $600m term loan maturing in 2021."
The Stena International unit sold the notes and will list them in the Channel Islands.
The joint bookrunners were JP Morgan and Citi, with Handelsbanken, Nordea, SEB, Swedbank as co-managers.
The group's remaining capital expenditure commitment for newbuildings on order was SEK 6.61bn ($694m) as of 30 September, of which SEK 832m had been due during 2019, and another SEK 2.29bn in 2020.
Stena said earlier it intended to finance this with cash from operations, existing revolving credit facilities, new capital lease agreements, new bank loans and other financing arrangements.
Net profit rose to SEK 279m in the third quarter, from SEK 45m in 2018.
Revenue grew to SEK 9.77bn from SEK 8.47bn over the same period.
