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Heimstaden offers to buy notes from 13 series for up to SEK 8.5 billion
By Marisa Wong
Los Angeles, Feb. 27 Heimstaden Bostad AB announced invitations to holders of outstanding securities from 13 series to tender their securities for purchase for cash, according to a notice.
The company is proposing to accept for purchase up to a maximum principal amount such that the total purchase consideration for securities tendered and accepted for purchase (excluding accrued interest) does not exceed SEK 8.5 billion.
The purchase price is fixed for five of the series. For the remaining series, pricing will be determined under a separate unmodified Dutch auction.
The tender offers cover the following series:
SEK 1.05 billion outstanding floating-rate notes due Nov. 23, 2023 (ISIN: XS2412109105), with the purchase price fixed at par;
SEK 2.8 billion outstanding 0.933% notes due Nov. 23, 2023 (ISIN: XS2412106002), with the purchase price fixed at 98;
SEK 850 million outstanding 0.875% notes due Jan. 22, 2024 (ISIN: XS2420346517), with the purchase price fixed at 97.25;
700 million 2.125% notes due Sept. 5, 2023 (ISIN: XS1958655745), 450,004,000 of which is outstanding, with the purchase price fixed at 99.35;
700 million outstanding callable floating-rate notes due Jan. 19, 2024 (ISIN: XS2430702873), with the purchase price fixed at 99;
1.25 billion outstanding 0.25% notes due Oct. 13, 2024 (ISIN: XS2397239000), 1,239,600,0002 of which is outstanding, with a minimum purchase price of 91.35;
700 million 0.625% notes due July 24, 2025 (ISIN: XS2435603571), 698.8 million of which is outstanding, with a minimum purchase price of 87.5;
500 million 1.125% notes due Jan. 21, 2026 (ISIN: XS2105772201), with a minimum purchase price of 86.75;
700 million 1.375% notes due March 3, 2027 (ISIN: XS2225207468), with a minimum purchase price of 83.75;
750 million 1% notes due April 13, 2028 (ISIN: XS2397252102), 716,900,0004 of which is outstanding, with a minimum purchase price of 78.25;
500 million 1.375% notes due July 24, 2028 (ISIN: XS2435611244), 484,700,0005 of which is outstanding, with a minimum purchase price of 78;
750 million 0.75% notes due Sept. 6, 2029 (ISIN: XS2384269366), 743,300,0006 of which is outstanding, with a minimum purchase price of 70.75; and
750 million 1.625% notes due Oct. 13, 2031 (ISIN: XS2397252011), 739,200,0007 of which is outstanding, with a minimum purchase price 69.75.
The company will also pay accrued interest.
Tender instructions that do not specify an offer price or specify an offer price equal to or below the minimum purchase price will be treated as non-competitive tender instructions.
For any series of auction securities (the securities without fixed purchase prices), the company will accept for purchase all securities tendered under non-competitive instructions if it accepts for purchase any securities tendered under competitive instructions.
If the company accepts a non-competitive tender, the relevant holder will receive the minimum purchase price for the relevant series.
The offers expire at 11 a.m. ET on March 3.
Results will be announced on March 6.
The offers are expected to settle on March 14.
BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Citigroup Global Markets Limited (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Danske Bank A/S (+45 33 64 88 51; liabilitymanagement@danskebank.dk), Deutsche Bank AG (+44 20 7545 8011), J.P. Morgan SE (liability_management_EMEA@jpmorgan.com) and Swedbank AB (publ) (liabilitymanagement@swedbank.se; syndicate@swedbank.se; attn.: Johan Thureson) are acting as dealer managers for the offers.
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; heimstaden@is.kroll.com; https://deals.is.kroll.com/heimstaden).
The purpose of the offers is to proactively improve the companys liability composition and debt maturity profile.
Heimstaden is a real estate company based in Malmo, Sweden.
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