New issue
Genova Property Group AB (publ) (the “Issuer” or “Genova”) successfully issues senior unsecured bonds in the total amount of SEK 400m under a framework of SEK 750m. The bonds have a tenor of four years and a floating interest rate of Stibor three months plus 450 bps and will mature on 9 September 2024 (the “New Bonds”). Genova intends to apply for admission to trading of the New Bonds on the corporate bond list of Nasdaq Stockholm.
The Tender Offer
Genova further announces the results of the tender offer, which was announced by the Issuer on 24 August 2020, (the ”Tender Offer”) to the holders of Genova’s outstanding senior unsecured floating rate bonds 2017/2021 with ISIN SE0009779291 and an outstanding amount of SEK 156m (the ”Bonds”). The Tender Offer expired at 12:00 CEST on 1 September 2020. The Tender Offer has been accepted by holders of Bonds representing a total nominal amount of SEK 106m.
Genova intends to complete the Tender Offer and the price for the Bonds in the Tender Offer will amount to 101.937 per cent. of the nominal amount. Genova will also pay accrued and unpaid interest on the Bonds on the settlement date in accordance with the terms and conditions of the Bonds and the Tender Offer. The settlement date for the Tender Offer is expected to occur on 9 September 2020.
Early redemption
Genova also announces that it will exercise its right to make a voluntary early redemption of all outstanding Bonds, in accordance with Clause 10.3 (Early voluntary redemption by the Issuer (call option)) of the terms and conditions of the Bonds. The redemption date will be 7 January 2020 and the redemption amount for each Bond will amount to the applicable call option amount (e.g. 100.00 per cent. of the nominal amount), plus accrued but unpaid interest. The redemption amount will be paid to each person who is registered as a bondholder in the debt register for the Bonds kept by Euroclear Sweden at end of business on the record date 29 December 2020.
The Issuer will also send an irrevocable notice of early redemption to all directly registered owners and registered authorised nominees (Sw. förvaltare) in the debt register kept by Euroclear Sweden. Genova’s obligation to redeem the Bonds on the early redemption date in accordance with this press release is conditional upon fulfilment of the conditions for disbursement of the net proceeds from the New Bonds.
The Bonds will be de-listed from the corporate bond list of Nasdaq Stockholm in connection with the early redemption in accordance with the applicable rules and regulations.
Carnegie Investment Bank AB and Nordea Bank Abp have acted as joint arrangers and bookrunners in respect of the issuance of the New Bonds and as dealer managers and tender agents for the Tender Offer. Gernandt & Danielsson Advokatbyrå KB has acted as legal advisor.
Dealer managers, joint bookrunners and tender agents:
Carnegie Investment Bank AB (publ): +46 (0)8 58 86 90 11, dcmsyndicate@carnegie.se
Nordea Bank Abp: +45 61 36 03 79, NordeaLiabilityManagement@nordea.com
For further information, please contact:
CEO, Michael Moschewitz, phone +46 70-713 69 39, michael.moschewitz@genova.se
This information is information that Genova property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the contact persons set out above, at 8.00 p.m. CEST on 1 September 2020.
About Genova
Genova Property Group AB (publ) is a modern property company with a personal touch that owns, manages and develops properties with focus on the Greater Stockholm area and Uppsala Region. As of 30 June 2020, the company owned properties of SEK 4.7 billion with a lettable area of approximately 168,000 sqm and owned approximately 5,267 residential building rights. Genova’s preference shares and ordinary shares were admitted for trading on Nasdaq Stockholm on 12 June 2020 and 30 June 2020, respectively.