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Sandvik says raised 1.7 bln SEK from debt issue

Wed May 20, 2009 4:54am EDT

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STOCKHOLM, May 20 (Reuters) - Swedish specialty steel and tool maker Sandvik (SAND.ST) said on Monday it had issued 1.7 billion Swedish crowns ($221 million) via a four-year zero coupon bond yielding 5.4 percent.

"Our intention was to issue 500 million crowns of debt," finance director Per Nordberg said in a statement on Wednesday.

"The offer closed early as investors bid for 1.7 billion crowns. This shows there is strong interest in corporate debt issued by stable companies with strong balance sheets."

Sandvik slipped to a surprise 429 million crown loss in the first quarter as the global downturn bit sharply into demand. (Editing by Dan Lalor)



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