Genova Property Group AB (publ) (the "Company" or "Genova") has successfully issued new senior unsecured floating rate green bonds (the "New Bonds") in an initial amount of SEK 650 million and announces the results of the tender offer (the "Tender Offer") to the holders of Genova's existing senior unsecured green bonds with ISIN SE0018397705 with an outstanding amount of SEK 650 million (the "Outstanding Bonds"). The Tender Offer expired at 15:00 CET on 19 March 2025. Holders of the Outstanding Bonds have in connection with the Tender Offer accepted to tender Outstanding Bonds corresponding to a total nominal amount of SEK 471.25 million. Genova will complete the Tender Offer and tender the Outstanding Bonds accepted under the Tender Offer. Settlement for the New Bonds and for the Tender Offer is expected to occur on 1 April 2025.
The Tender Offer was made on the terms and subject to the conditions set out in a tender information document dated 13 March 2025 (the "Tender Information Document").
The New Bonds were issued under a total framework of SEK 750 million, carries a floating interest rate of 3m Stibor + 430 basis points and will mature in July 2028. Genova intends to apply for admission to trading of the New Bonds on the sustainable bond list of Nasdaq Stockholm.
The Company has also today sent a conditional notice of early redemption to all holders of the Outstanding Bonds. All Outstanding Bonds will be redeemed early in accordance with the terms and conditions for the Outstanding Bonds, conditional upon the issue of the New Bonds being completed. If the condition is fulfilled, the redemption date will be 16 May 2025 and the Outstanding Bonds will be redeemed at an amount equal to 101.785 per cent. of the nominal amount plus accrued and unpaid interest.
"Genova continues to have a clear focus on optimising its capital structure and reducing funding costs. With this transaction, new bonds are issued where we reduce the credit margin to 430 basis points from 595 basis points for the outstanding bonds being redeemed, which corresponds to reduced annual interest costs of approximately SEK 11 million. At the same time, the final maturity is extended by almost 2 years", comments Michael Moschewitz, CEO of Genova.
The Tender Information Document and the notice of early redemption are available on the following link: https://genova.se/investors/bonds/.
Carnegie Investment Bank AB (publ), Danske Bank A/S, Danmark, Sverige Filial and Swedbank AB (publ) have acted as arrangers and joint bookrunners in respect of the issuance of the New Bonds and as dealer managers for the Tender Offer. Gernandt & Danielsson Advokatbyrå KB has acted as legal advisor.
For further information, please contact:
CEO, Michael Moschewitz, mobile +46 (0)70-713 69 39, michael.moschewitz@genova.se
About Genova
Genova Property Group AB (publ) is a dynamic property company with extensive expertise in various segments of the property market. The company aims to drive sustainable value growth through active property management, urban development, project development and property transactions in Sweden. As of 31 December 2024, Genova owned properties valued at approximately SEK 10.0 billion and the company held a substantial building rights portfolio. Genova's share has been listed on Nasdaq Stockholm since 2020.
Genova – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se