Corem considers issuance of green SEK bonds and announces tender offer for the outstanding Corem 2020/2023 SEK bonds and Corem Kelly 2019/2023 SEK bonds

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. THE DISTRIBUTION OF THIS DOCUMENT IN CERTAIN JURISDICTIONS (IN PARTICULAR, THE UNITED STATES AND THE UNITED KINGDOM) MAY BE RESTRICTED BY LAW.

Corem Property Group AB (publ) (the “Issuer” or “Corem”) has mandated Nordea Bank Abp (“Nordea”) and Swedbank AB (publ) (“Swedbank”) as joint bookrunners to arrange investor meetings to investigate the possibility to issue new green SEK senior unsecured bonds with an expected tenor of three (3) years (the "New Bonds"). Subject to market conditions, a capital market transaction will follow.

In connection with the issue of the New Bonds, Corem is offering holders of (i) its outstanding senior unsecured floating rate bonds maturing on 27 February 2023 with ISIN SE0013877008 and an outstanding amount of SEK 483,750,000[1] (the “Corem Bonds”) and (ii) its subsidiary Corem Kelly AB (publ)’s (previously Klövern AB (publ)) outstanding senior unsecured floating rate bonds maturing on 5 June 2023 with ISIN SE0012702785 and an outstanding amount of SEK 700,000,000 (the “Klövern Bonds” and, together with the Corem Bonds, the “Bonds”) to tender Bonds in a maximum amount corresponding to the proceeds from the issue of the New Bonds for purchase by the Issuer for cash (the “Tender Offer”) at a price of 100.60 per cent of the nominal amount for the Corem Bonds and 101.00 per cent. of the nominal amount for the Klövern Bonds. The Bonds will be repurchased subject to the terms and conditions described in a tender information document dated 22 September 2022 (“Tender Information Document”).

The Tender Information Document can be found attached, and also via the following link:
https://www.corem.se/en/investor-relations/prospectus-shares-and-bonds-etc/

The Tender Offer expires at 12:00 CEST on 26 September 2022, unless extended, re-opened, withdrawn or terminated at the sole discretion of the Issuer. Settlement of the Tender Offer is expected to occur at or around 3 October 2022 and to the extent possible on the same day as the settlement of the New Bonds. The Issuer’s repurchase of the Bonds is conditional upon a successful issue of the New Bonds. The Issuer intends to keep any Corem Bonds purchased on its balance sheet or, if all outstanding Corem Bonds are purchased by the Issuer, to cancel all Corem Bonds in accordance with the terms and conditions of the Corem Bonds and to transfer any Klövern Bonds purchased by the Issuer to Corem Kelly AB (publ) for cancellation in accordance with the terms and conditions of the Klövern Bonds.

Holders of Bonds accepting the Tender Offer will be eligible to receive a priority in the allocation of the New Bonds and holders of Bonds who subscribe and are allocated for New Bonds may accordingly receive priority in the Tender Offer, subject to the terms set out in the Tender Information Document.

The Issuer has mandated Nordea and Swedbank to act as dealer managers and joint bookrunners in connection with the issue of New Bonds and the Tender Offer and Walthon Advokater AB has acted as legal counsel to the Issuer.

Dealer Managers

Nordea: +45 6136 0379, NordeaLiabilityManagement@nordea.com

Swedbank: +46 (0)8 700 90 22, liabilitymanagement@swedbank.se

Corem Property Group AB (publ)

FOR FURTHER INFORMATION, PLEASE CONTACT
Eva Landén, CEO, +46 10 482 76 50, eva.landen@corem.se
Anna-Karin Hag, CFO, +46 10-482 76 54, anna-karin.hag@corem.se
Lars Norrby, IR, +46 76 777 38 00, lars.norrby@corem.se

Corem Property Group AB (publ)
Address: P.O. Box 56085, SE-102 17 Stockholm
Visitors: Riddargatan 13 C
Reg.no: 556463-9440
www.corem.se

 

This information is information that Corem Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons above on 22 September 2022 at 09:15 CEST.

This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail.

Corem Property Group is one of the Nordic countries´ leading real estate companies that in a sustainable way owns, manages and develops commercial properties in urban and growth areas. Corem Property Group is listed on Nasdaq Stockholm, Large Cap.