SKF issues EUR 300 million bond; updates guidance for financial net
2018 September 17, 09:00 CEST
Gothenburg, 17 September 2018: SKF’s new EUR 300 million bond closed today. The senior, unsecured bond matures on 17 September 2025 and carries a fixed coupon interest rate of 1.25%, an historically low rate for SKF.
The proceeds of the issue will be used for the refinancing of existing debt through the buy-back of parts of two outstanding bonds, maturing in 2019 and 2020, with coupon rates of 1.875% and 2.375%, respectively.
Financial net for Q3 2018 is now expected to be approximately SEK -250 million, compared to the Group’s previous guidance of SEK -200 million.
The new bond has been listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Luxembourg Stock Exchange's regulated market.
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SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 17,000 distributor locations worldwide. Annual sales in 2017 were SEK 77 938 million and the number of employees was 45 678. www.skf.com
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