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Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item
Published on 9/25/2023 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Balder launches capped tender offer for capital securities due 2081

By Marisa Wong

Los Angeles, Sept. 25 – Balder Invest AB is inviting holders of the €500 million subordinated fixed-to-reset rate 5.25-year non-call capital securities due 2081 with a first call date on March 2, 2026 (ISIN: XS2305362951) issued by Fastighets AB Balder to tender their securities for purchase for cash.

Currently, there is €444.1 million principal amount outstanding, and the current coupon is 2.873%.

The maximum acceptance amount is €44.41 million but may be decreased at the offeror’s discretion.

Pricing will be determined under an unmodified Dutch auction. The minimum purchase price is 68.875.

The company will accept for purchase all securities tendered under non-competitive tender instructions if it accepts any securities tendered under competitive tender instructions.

Non-competitive tenders are those that do not specify an offer price or that specify an offer price equal to or below the minimum purchase price. Competitive tenders are those that specify an offer price above the minimum purchase price.

Tenders may be subject to proration.

Tender instructions are due by 11 a.m. ET on Sept. 29.

Results will be announced on Oct. 2.

Settlement is expected to be on Oct. 4.

The company said the purpose of the offer is to proactively manage the issuer’s layer of hybrid capital.

BNP Paribas (+33 1 55 77 78 94) and Nordea Bank Abp (+45 6136 0379) are acting as dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson / Alessandro Zorza; balder@is.kroll.com; https://deals.is.kroll.com/balder) is acting as tender agent for the offer.

The commercial and residential property developer is based in Gothenburg, Sweden.


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