dyno-nobel-prices-258-million-hybrid

Dyno Nobel prices $258 million hybrid

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

Cherie Marriott

July 11, 2007

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 companyÆs 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 bookbuild process conducted by lead manager Macquarie Equity Capital Markets, and was at the tight end of an indicated range of 190bp and 230bp given on Monday. The deal is being co-led by Credit Suisse....

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