Investor AB tenders for 3.25% notes, 5.25% notes until Monday

By Susanna Moon

Chicago, May 9 – Investor AB said it began a cash tender offer for its €300 million 3.25% notes due Sept. 17, 2018 and its SEK 500 million 5.25% notes due Sept. 4, 2019.

Pricing for the offer will be set at 6 a.m. ET on May 16 using fixed purchase yield of negative 0.25% for the 3.25% notes and a spread of 25 basis points over the interpolated mid-swap rate for the 5.25% notes.

Specifically, the purchase price will be equal to the value of all remaining payments of principal and interest through the scheduled maturity date, discounted to the settlement date at a discount rate equal to the purchase yield minus accrued interest.

The tender offers will remain open until 11 a.m. ET on May 15, with settlement following on May 18.

The company will also pay accrued interest.

Investor is making the offers to “proactively manage and optimize the company's debt maturity profile,” according to a company announcement.

Notes repurchased by the company will be canceled.

Skandinaviska Enskilda Banken AB (46 8 506 23 189 or liabilitymanagement@seb.se) is the dealer managers. Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or investorab@lucid-is.com) is the tender agent.

The issuer is a Stockholm-based investment company.

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