Fastighets AB Balder accepts €85 million from capped tender offer

Chicago, Sept. 12 – Balder Invest AB announced the results of its €85 million capped tender offer for securities issued by Fastighets AB Balder, according to a notice on Monday.

The accepted amounts from the securities involved in the tender offer are:

• All €29.1 million accepted of the €350 million outstanding subordinated fixed-to-reset rate 5.5-year non-call capital securities due 2027 with a current coupon of 3% and a first optional redemption date on March 7, 2023 (ISIN: XS1677911825); and the

• €55.9 million of the €500 million outstanding subordinated fixed-to-reset rate 5.25-year non-call capital securities due 2081 with a current coupon of 2.873% and a first optional redemption date of March 2, 2026 (ISIN: XS2305362951). The amount accepted represents a proration factor of 51.5575%.

The company is only accepting non-competitive tenders for the 2081 securities, and that on a prorated basis.

The tender offers were being run as separate unmodified Dutch auctions with a minimum purchase price of 90 for the securities due 2078 and 73.75 for the senior secured due 2081.

Accrued interest will also be paid.

Tender instructions were due by 11 a.m. ET on Sept. 9.

Settlement will take place on Sept. 14.

Deutsche Bank AG (+44 20 7545 8011) and Nordea Bank Abp (+45 6161 2996) are working as dealer managers for the offer.

Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, balder@is.kroll.com).

The issuer is a Gothenburg, Sweden-based commercial and residential property developer.

© 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.