Hoist tenders for krona bonds due 2016, offers euro bonds due 2017

By Susanna Moon

Chicago, June 3 – Hoist Kredit AB, a wholly owned subsidiary of Hoist Finance AB (publ), began a tender offer for its krona-denominated bonds due Dec. 18, 2016.

The company is offering to repurchase the bonds at a price of SEK 1,022,500 per bond plus accrued interest, according to a company press release.

The tender offer runs until June 17, with settlement expected to occur June 23.

The bonds were issued on Dec. 10, 2013. The issuer said it holds SEK 194 million of the bonds.

Holders who tender their notes will be offered a chance to invest in new euro-denominated bonds, the company said.

The issuer is planning to issue additional euro-denominated bonds due Oct. 2, 2017, with the tap issue offered to those who tender their notes, in an amount not to exceed the equivalent amount tendered in the krona bonds.

The reoffer price for the euro bonds will be €102,150 for each €100,000 principal amount.

The issuer said it reserves the right to scrap the tap issue if the aggregate amount requested by the investors is less than €5 million.

Holders may direct questions to Danske Bank (+46 0 8 568 806 35 or patric.carlsson@danskebank.se).

The tender offer “is an important step in reducing the risk in the issuer by achieving a better currency match between assets and liabilities,” the press release said.

Hoist Finance is a debt restructuring partner to international banks and financial institutions and is based in Stockholm.

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