Ericsson completes funding plan
Ericsson ( NASDAQ:ERIC) has successfully priced a multi-currency bond issue program.
The transaction comprised a EUR 875 million dual-tranche Eurobond, consisting of a EUR 375 million seven-year floating rate note and a EUR 500 million ten-year fixed rate note, as well as a SEK 3 billion five-year note.
Ericsson intends to use the proceeds of the offering for the refinancing of existing loans. The bond issues will materially lengthen Ericsson's average debt maturity profile. The mandated joint lead managers for the Eurobonds were Citi, Goldman Sachs International and JP Morgan and for the SEK bonds Nordea and Swedbank. Ericsson last accessed the Eurobond market in 2001.
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