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Telia Company issues 10-year €500 million bond

Telia Company issues EUR 500 million bond
Jordan Major

Swedish multinational telecommunication firm Telia Company has issued a bond worth €500 million. The company’s press statement indicates that the bond will be on a 10-year deal maturing in November 2030.

The bond is under the company’s existing €12 billion EMTN (Euro Medium Term Note) program. Proceeds from the issuance will go towards refinancing senior debt.

Telia set the re-offer yield at 0.197% annually, an equivalent of mid-swaps of +45 basis points, and a coupon of 0.125%.

According to the company, the bond will target already existing quality investors. According to Telia’s Vice President Agneta Wallmark:

“We are very pleased to have identified an opportunity this late in the year to issue a 10-year bond in the Euro Debt Capital market at these attractive levels. Due to the strong demand from high-quality investors, very tight pricing was possible, and the coupon is the lowest ever for a Telia Benchmark senior bond. To take the opportunity this early to restructure and refund our maturity profile fits well into our long-term funding strategy.”

Partnership with Ericsson

Furthermore, the tender offer to buy back about €300 million of bonds maturing around 2021-2024 has been announced. The offer is part of Telia’s ongoing proactive balance sheet management.

The bond issuance came after Telia announced a partnership with Ericsson to roll out the 5G network across Lithuania. The five-year partnership agreement is for bettering the digital experience for customers. 

Under the deal, Ericsson will be the sole partner to deliver radio access network technology (RAN) in Lithuania. On the other hand, Telia plans to upgrade around 2,000 sites in Lithuania.

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