Candyking successfully secures long-term financing – the CEO has decided to leave the company
On January 22, 2014 Candyking Holding AB (publ) successfully placed a four-year SEK 750 million Senior Secured High Yield bond. The bond, maturing on January 29, 2018, will bear a floating coupon of 3 months Stibor + 5.00% (paid quarterly) and has no financial maintenance covenants. Listing of the bond on NASDAQ OMX Stockholm will take place within 60 days after settlement.
The transaction was well received by the market, as evidenced by a very strong demand from all Nordic countries. Altogether 17 investors participated in the issue and approximately 60 percent of the subscriptions were placed by non-Swedish investors. As the bond was significantly oversubscribed already on the first day of presounding, the company cancelled all roadshow activities and public marketing.
“Through the issuance of the bond, Candyking achieves a more efficient and flexible capital structure and secures financing for continued growth,” says Jan Ohlsson, Chairman of Candyking’s Board of Directors. “The transaction empowers the company to enhance its position as the clear market leader in the pick & mix confectionery and natural snacks industry.”
“I am very pleased to have contributed to securing our long-term financing,” says David von Laskowski, CEO of Candyking. “I am furthermore very pleased that the company, as consequence of the actions undertaken by the management team, has strengthened its market position and secured a strong result for 2013. Since Candyking will continue to operate in a private environment, I have decided to leave the company.”
David von Laskowski will remain as CEO in the company until a smooth transition to a new CEO has been secured. The recrutiment of a new CEO has been initiated.
Pareto Securities AB acted as sole bookrunner and issuing agent in connection with the bond issue.
For more information, please contact:
Jan Ohlsson, Chairman of the Board of Candyking, +46 70 515 69 15 or jan.ohlsson@accentequity.se
David von Laskowski, CEO Candyking, +46 70 290 63 13 or david.von.laskowski@candyking.com
Markus Wirenhammar, Pareto Securities, +46 70 872 51 86 or markus.wirenhammar@paretosec.com
About Candyking
Candyking was founded in 1984 and is the leading supplier of pick & mix in the Nordic region, the UK and Ireland and has operations in Poland, the Czech Republic, Slovakia and Hungary. Candyking currently has more than 10,000 retail outlets and offers stores a turnkey concept that includes products, displays and accompanying store and logistic services. Candyking’s confectionery concept and brands are Candyking, Karamellkungen, Premiyum and Candyking Favourites. In addition, Candyking is the leading pick & mix supplier of natural snacks in Sweden and Finland under the Parrot’s brand. In 2012, the company had about 1,000 employees and sales of about SEK 1.75 billion. More information is available at www.candyking.com
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