Gothenburg, Sweden, tenders for six note series via 5.5-year new issue

By Susanna Moon

Chicago, Sept. 28 – City of Gothenburg, Sweden, began a cash tender offer for up to a maximum amount of six series of notes, which will be contingent on new financing.

Gothenburg plans to price new 5.5-year SEK-denominated notes “in the near future,” and the tender will be capped at the new issue size, according to an issuer notice.

The tender offer will end at 6 a.m. ET on Oct. 3.

The notes covered by the tender offer are as follows:

• SEK 500 million of floating-rate notes due Dec. 3, 2017 at a purchase price of 100.091;

• SEK 250 million of floating-rate notes due Feb. 7, 2018 at a purchase price of 100.380;

• SEK 750 million of floating-rate notes due March 19, 2018 at a purchase price of 100.274;

• SEK 300 million of floating-rate notes due Dec. 17, 2018 at a purchase price of 100.701;

• SEK 200 million of floating-rate notes due Dec. 17, 2018 at a purchase price of 100.659; and

• SEK 1.5 billion of 2.125% notes due March 19, 2018 at a purchase price of 101.202.

Holders also will receive accrued interest.

Nordea Bank AB (publ) (nordealiabilitymanagement@nordea.com) and Svenska Handelsbanken AB (publ) (tendermanagement@handelsbanken.se) are the bookrunners and dealer managers.

If the offers are oversubscribed, the company may give priority to holders who subscribe for new notes and then accept all other tender instructions on a pro rata basis.

Settlement is expected to occur on Oct. 11.

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