Klovern tenders for SEK 1.15 billion floaters due 2017 via new issue

By Susanna Moon

Chicago, Oct. 20 – Klovern AB (publ) said it is tendering for its SEK 1.15 billion floating-rate bonds due Jan. 19, 2017 via a new issue.

In the tender offer, for each SEK 1 million of principal bonds of the new issue 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, according to a company notice.

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.

The joint bookrunners and dealer managers are Nordea Bank AB (publ) (+45 6161 2996 or nordealiabilitymanagement@nordea.com) and Swedbank AB (publ) (+46 8 700 90 22 or syndicate@swedbank.se).

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

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