Klovern’s Corem launches tender offer for SEK 2.35 billion bonds

By Mary-Katherine Stinson

Lexington, Ky., Jan. 10 – Klovern AB’s parent company, Corem Property Group AB, announced a tender offer on Monday for up to a maximum amount of Klovern’s SEK 2.35 billion outstanding senior floating-rate green bonds due April 4, 2022 (ISIN: SE0011063163), according to a press release.

The bonds will be repurchased at 100.2. Accrued interest will also be paid.

Repurchased bonds will be transferred to Klovern and canceled.

The tender offer expires at 6 a.m. ET on Jan. 13.

Settlement is expected on Jan. 20.

The purpose of the tender offer is to proactively manage the group’s upcoming debt redemption and to lengthen and diversify its debt maturity profile.

The tender offer is conditioned upon the company’s successful issuance of new krona-denominated green senior bonds and Corem will set the tender cap equal to proceeds from the new bonds.

The acceptance of the bonds will be subject to this transaction cap and the satisfaction of new financing conditions. If tenders exceed the transaction cap, they will be subject to proration.

Holders of existing bonds participating in the tender offer will be eligible to receive priority in allocation of the new bonds.

Nordea Bank Abp (+45 6161 2996, NordeaLiabilityManagement@nordea.com) and Swedbank AB (+46 08 700 90 22, Syndicate@swedbank.se) are the dealer managers and joint bookrunners on the deal.

Gernandt & Danielsson Advokatbyra KB and Walthon Advokater AB will act as legal counsels.

Klovern is a real estate company based in Stockholm.

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