Samhallsbyggnadsbolaget i Norden gives results of tender offer for 10 notes

By Wendy Van Sickle

Columbus, Ohio, March 27 – Samhallsbyggnadsbolaget i Norden AB (publ), as offeror, announced the results of its invitation to holders of the outstanding securities from 10 series to tender their securities for purchase for cash, up to an aggregate principal amount, according to a notice.

The company said the total purchase consideration will be €162,733,888.50 and the total principal amount accepted for purchase will be €407,767,000.

The company launched the offer on March 18, at that time saying it would accept notes such that the aggregate purchase consideration does not exceed €250 million.

Purchase prices were not included with the announcement results but were to be determined under a separate unmodified Dutch auction. The acceptance amount for each of the series of securities (issued by the offeror unless otherwise noted) covered by the offer are as follow:

• €93,939,000 of the €500 million subordinated fixed to reset rate undated capital securities (ISIN: XS2010032618) with €453.88 million outstanding, a current coupon of 2.624% and first call date of Jan. 30, 2025, which were subject to a minimum purchase price of 18;

• €74,423,000 of the €500 million subordinated fixed to reset rate undated capital securities (ISIN: XS2272358024) with €456,896,000 outstanding, a current coupon of 2.625%, a first call date of Dec. 14, 2025, which were subject to a minimum purchase price of 18;

• €66,224,000 of the €500 million subordinated fixed to reset rate undated capital securities (ISIN: XS2010028186) with €439,306,000 outstanding, a current coupon of 2.875%, a first call date of Oct. 30, 2026, which were subject to a minimum purchase price of 18;

• None of the €550 million 1.75% notes due Jan. 14, 2025 (ISIN: XS1993969515) with €407,291,000 outstanding, a current coupon of 3% (inclusive of 125 basis points coupon step-up), a first call date of Oct. 14, 2024, which were subject to a minimum purchase price of 92.625;

• None of the €5 million outstanding 4.5% notes due March 10, 2025 (ISIN: XS2597112155), which were subject to a minimum purchase price of 92.625;

• None of the €500 million outstanding 1.125% notes due Sept. 4, 2026 (ISIN: XS2049823680) with a current coupon of 2.375% (inclusive of 125 bps coupon step-up) and a first call date of June 4, 2026, which were subject to a minimum purchase price of 77.25;

• €13.45 million of the €750 million outstanding 1% notes due Aug. 12, 2027 (ISIN: XS2114871945) with a current coupon of 2.25% (inclusive of 125 bps coupon step-up) and a first call date of May 12, 2027, which were subject to a minimum purchase price of 67.25;

• €5,219,000 of the €700 million outstanding 0.75% social bonds due Dec. 14, 2028 (ISIN: XS2271332285), issued by SBB Treasury Oyj and guaranteed by the offeror, with a first call date of Sept. 14, 2028, which were subject to a minimum purchase price of 58.75;

• €154,512,000 of the €950 million outstanding 1.125% social bonds due Nov. 26, 2029 (ISIN: XS2346224806), issued by SBB Treasury and guaranteed by the offeror, with a first call date of Aug. 26, 2029, which were subject to a minimum purchase price of 57.25;

• None of the €50 million outstanding 2.75% notes due April 3, 2040 (ISIN: XS2151934978) with a current coupon of 3% and a first call date of Jan. 3, 2040, which were subject to a minimum purchase price of 48.875;

The offeror said it reserves the right to purchase securities in an aggregate amount that is more or less than the maximum acceptance amount and will determine the amount of securities of each series that it elects to purchase at its discretion.

In addition to the purchase price, the offeror will pay accrued interest.

The offeror will accept for purchase all securities tendered under non-competitive tender instructions – tenders that do not specify an offer price or that specify an offer price at or below the minimum purchase price – if it accepts any securities tendered under competitive tender instructions – tenders that specify an offer price above the minimum price.

Tender instructions were due by noon ET on March 22.

J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com) is acting as dealer manager for the offers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Alessandro Zorza; sbbnorden@is.kroll.com; https://deals.is.kroll.com/sbbnorden) is acting as tender agent.

The Stockholm-based real estate company said the purpose of the offers is, among other things, to proactively manage its balance sheet. Simultaneously, the offers will enable the company to manage its overall wholesale funding level and better optimize its future interest expense.

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