Genova Property Group AB (publ) (the “Issuer” or “Genova”) is offering holders of the Issuer’s outstanding bonds outlined below (the “Bonds”) to tender Bonds for purchase by the Issuer for cash at the purchase price set out below, plus accrued and unpaid interest (the “Tender Offer”). The Bonds will be repurchased subject to the terms and conditions described in a tender information document dated 24 August 2020.
Description of the Bonds / ISIN / Issued Amount / Outstanding Amount / Minimum Denomination Amount / Purchase Price
2017/2021 Sr Unsec FRN / SE0009779291 / SEK 500m / SEK 156m / SEK 1.0m / 101.937%
The Purchase price set out above corresponds to an amount equal to 100 per cent. of the nominal amount per Bond plus an amount equal to not yet accrued interest on the Bond from, but excluding, the settlement date of the Tender Offer up to and including the date for early redemption of the Bonds.
The tender information document can be found in the following link: https://genova.se/investerare/obligation/.
In connection with the Tender Offer, the Issuer intends to issue new senior unsecured bonds in an amount of SEK 300–400m under a framework of SEK 750m with a tenor of 4 years (the “New Bonds”), subject to market conditions. Genova intends to fully or partly use the net proceeds from the New Bonds to finance the Tender Offer and the early redemption of all Bonds.
The Tender Offer expires at 12:00 CEST on 1 September 2020, unless extended, re-opened, withdrawn or terminated at the sole discretion of the Issuer. Settlement of the Tender Offer is expected to occur on or about 8 September 2020. The Issuer’s repurchase of Bonds is conditional upon a successful issue of New Bonds.
Holders of Bonds who accept the Tender Offer will be eligible to receive a priority in the allocation of the New Bonds, subject to the terms set out in the Tender Information Document.
Conditional upon the consummation of a successful issue of the New Bonds and the Tender Offer, the Issuer will make an early redemption of all outstanding Bonds in accordance with the terms and conditions of the Bonds. The early redemption date will be 7 January 2021 and the Bonds will be redeemed at 100 per cent. of the nominal amount (i.e., SEK 1m per Bond) together with any accrued and unpaid interest.
The Issuer has mandated Carnegie Investment Bank AB (publ) (“Carnegie”) and Nordea Bank Abp (“Nordea”) 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 and Gernandt & Danielsson Advokatbyrå KB as legal advisor.
Attachment: The tender information document.
Dealer Managers 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, +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 8:15 CEST on 24 August 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 31 March 2020, the company owned properties of SEK 4.9 billion with a lettable area of approximately 174,000 sqm and owned approximately 5,500 building rights. Genova’s preference shares and common shares were admitted for trading on Nasdaq Stockholm on 12 June and 30 June 2020, respectively.