Dyno Nobel prices $258 million hybrid

The step-up preference securities will pay 180-day swap plus a margin of 200bp.

Industrial explosives company Dyno Nobel has priced a A$300 million $258 million hybrid transaction at the tight end of guidance, attracting interest from 25 institutional accounts. The fund raising is the companyƆs first significant foray into the capital markets since its listing on the Australian Stock Exchange in April 2006.

The step-up preference securities will pay a semi-annual coupon of the 180-day bank bill swap rate BBSW plus a margin of 200bp. The margin was set yesterday during a one-day...

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