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Klovern accepts tenders for SEK 400 million of floaters due 2021
By Marisa Wong
Los Angeles, May 4 – Klovern AB (publ) said holders had tendered SEK 516 million of its SEK 850 million senior secured floating-rate bonds due 2021 (ISIN: SE0010546747) as of 6 a.m. ET on May 4, the expiration of its previously announced cash tender offer for up to SEK 400 million of the bonds.
Klovern will accept for purchase SEK 400 million of the tendered bonds on a pro rata basis, according to a news release.
As announced on April 28, the accepted bonds will be purchased at par. Settlement is expected to occur on May 6.
The issuer said the financing conditions to the tender offer have been met.
After settlement, the issuer intends to release the security under the bonds related to the property Solna Hilton 3 and transfer the security related to that property to become part of new long-term bank financing arrangements.
Danske Bank A/S, Danmark, Sverige Filial (+46 8 23 56 23, dcm_admin@danskebank.se), Nordea Bank Abp (+45 6161 2996, NordeaLiabilityManagement@nordea.com) and Swedbank AB (publ) (+46 8 700 90 22, Syndicate@swedbank.se) are dealer managers for the tender offer.
Klovern is a real estate company based in Stockholm.
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