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Samhällsbyggnadsbolaget i Norden AB (publ), Reg. No. 556981-7660 (“SBB” or the “Issuer”) today announces the final results of its invitation dated 16 October 2019 to the holders of its outstanding notes outlined below (together, the “Capital Securities” each a “Capital Security”) to tender their Capital Securities for purchase by the Issuer for cash (the “Tender Offer”).
The Tender Offer was made on the terms and subject to the conditions set out in a tender information document dated 16 October 2019 and amended 21 October 2019 (the “Tender Information Document”), available on the website of the Issuer (sbbnorden.se/en/investor-relations-main/reports/).
At the expiration of the Tender Offer at 12:00 CET on 21 October 2019, valid tender instructions in respect of the Capital Securities in an aggregate nominal amount of SEK 1,465m were received pursuant to the Tender Offer. Details of tendered amount per ISIN are set out below.
The Issuer furthermore announces that the New Financing Conditions (as defined in the Tender Information Document) have been met and that a total nominal amount of new SEK denominated subordinated perpetual floating rate callable capital securities of SEK 1,500m with a first call date after 5.25 years will be issued with settlement date 28 October 2019 (the “New Capital Securities”). The initial interest rate of the New Capital Securities is 3 months STIBOR plus a margin of 3.50%.
The purchase price payable per Capital Security is as set out below, in addition to which the Issuer will pay an amount equal to any accrued and unpaid interest on the relevant Capital Securities (in accordance with the applicable terms and conditions of the Capital Securities):
Description of the Capital Securities / ISIN / Issued Amount / Tendered Amount / Remaining Outstanding Amount / Minimum denomination amount / Purchase Price
2017 Perpetual capital securities / SE0010414599 / SEK 1,000m / SEK571m / SEK 129m / SEK 1m / 113.40%
2018 Perpetual capital securities / SE0011642776 / SEK 1,200m / SEK 894m / SEK 306m / SEK 2m / 112.80%
As announced by S&P Global Ratings on 22 October 2019, the New Capital Securities are assigned intermediate equity content. Following the Tender Offer, S&P Global Ratings has revised the equity content to minimal from intermediate for the Capital Securities.
Settlement of the Tender Offer is expected to occur on 28 October 2019. Settlement of the transactions pursuant to the Tender Offer will occur as a secondary trade via Danske Bank A/S, Danmark, Sverige Filial, DNB Markets a part of DNB Bank ASA, Sweden Branch, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ) (the “Joint Bookrunners” and the “Dealer Managers”). All tendering Holders should coordinate the trade bookings with their local sales representative immediately.
Information about the Tender Offer may be obtained from the Dealer Managers.
Joint Bookrunners and Dealer Managers:
Danske Bank A/S, Danmark, Sverige Filial, Email: [email protected]
DNB Markets a part of DNB Bank ASA, Sweden Branch, Email: [email protected]
Nordea Bank Abp: +46 8 407 91 35, Email: [email protected]
Skandinaviska Enskilda Banken AB (publ), Email: [email protected]
Swedbank AB (publ), Email: [email protected]
Samhällsbyggnadsbolaget i Norden AB (publ)
This information is information that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through Ilija Batljan on 22 October 2019, at 14:35 CET.
About Samhällsbyggnadsbolaget i Norden AB (publ)
The company’s strategy is to own, manage and develop community service properties throughout the Nordic region and rental apartments in growth regions in Sweden. Through the company’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the company an attractive long-term partner. At the beginning of 2018, SBB was named the winner of the Real Estate Company of the Year Award for 2017. The company’s series B shares (short name SBB B) and D shares (short name SBB D) are listed on Nasdaq Stockholm, Large Cap. The company’s preference shares (SBB PREF) are listed on Nasdaq First North Premier Growth Market. Certified Adviser is Erik Penser Bank (contact: [email protected] / +46 84638300). More information about the company is available at www.sbbnorden.se.