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Gothenburg, Sweden buys SEK 1.65 billion notes in offer via new issue
By Susanna Moon
Chicago, Oct. 4 – City of Gothenburg, Sweden, said it received tender instructions for SEK 1,645,000,000 of six series of notes in the offer that ended at 6 a.m. ET on Oct. 3.
Gothenburg began tendering for up to a maximum amount of the notes on Sept. 28, stating that closing was contingent on the sale of new 5.5-year Swedish krona-denominated notes.
The financing condition was met through the issue of SEK 1.85 billion principal amount of notes, and all of the tendered notes will be accepted for purchase, according to an issuer notice.
The breakdown for the accepted amounts are as follows:
• All of the SEK 500 million of floating-rate notes due Dec. 3, 2017 at a purchase price of 100.091;
• SEK 163 million of the SEK 250 million of floating-rate notes due Feb. 7, 2018 at a purchase price of 100.380;
• SEK 507 million of the SEK 707 million of outstanding floating-rate notes due March 19, 2018 at a purchase price of 100.274;
• SEK 275 million of the SEK 300 million of floating-rate notes due Dec. 17, 2018 at a purchase price of 100.701;
• None of the SEK 200 million of floating-rate notes due Dec. 17, 2018 at a purchase price of 100.659; and
• SEK 200 million of the SEK 1.5 billion of 2.125% notes due 19 March 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.
When it announced the tender, Gothenburg said that if the offers are oversubscribed it 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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