Stena preps term loan 'B' refi

By Owen Sanderson
07 Jan 2020

Swedish shipping and real estate conglomerate Stena AB is looking to refinance its existing term loan ‘B’, with a combination of loans and bonds in dollars and euros, depending on which pockets of demand prove the most fruitful. It meets investors in the US this week and in Stockholm, Oslo and London next week, with JP Morgan arranging the effort.

The family-owned business is rated B1, but its leverage is high, topping seven times last year having moved steadily upwards since 2014. The shipping, real estate and offshore drilling elements of the business are seen as cyclical, while the ferry business is more stable, though it is exposed ...

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