Klovern sets up investor meetings for krona-denominated senior notes

By Susanna Moon

Chicago, Oct. 20 – Klovern AB (publ) said it has arranged fixed-income investor meetings beginning Thursday for krona-denominated senior notes issue via Nordea Bank AB and Swedbank AB.

At the same time, the company is tendering for its SEK 1.15 billion floating-rate bonds due Jan. 19, 2017 via a new issue, according to an announcement.

In the tender offer, for each SEK 1 million of principal bonds subscribed for by a holder, Klovern agrees to purchase from that holder SEK 1 million of the January 2017 bonds at a fixed cash price equal to 100.25% of par plus accrued interest to and including the settlement date.

The tender offer will remain open until 11 a.m. ET on Oct. 25, with settlement by Nov. 9.

Holders may receive priority allocation for the new issue based on the January 2017 bonds tendered, the release noted.

The new issue proceeds will be used to refinance the January 2017 bonds and for general corporate purposes.

The tender offer is contingent on closing of the new issue.

Klovern also said it plans to call the January 2017 bonds at par after closing of the new issue.

Klovern is a real estate company based in Nykoping, Sweden.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.