Heimstaden Bostad announces tender offer to repurchase senior debt securities
Heimstaden Bostad AB is today launching a cash tender offer in relation to outstanding series of EUR and SEK-denominated senior debt securities for an aggregate total consideration of up to SEK 8.5 billion (equivalent to EUR 770 million) (the “Tender Offer”).
The Tender Offer comprises three series of SEK-denominated senior debt securities and ten series of EUR-denominated senior debt securities, issued by Heimstaden Bostad AB or Heimstaden Bostad Treasury B.V., as applicable, all listed in the Tender Offer Memorandum, as defined below.
The purpose of the Tender Offer is, amongst other things, to proactively improve the company’s liability composition and debt maturity profile.
The Tender Offer will be priced via an unmodified Dutch auction procedure in relation to the Auction Securities and via the relevant Fixed Purchase Price in relation to the Fixed Price Securities (each as identified in the Tender Offer Memorandum). Expiration of the Tender Offer will be at 17.00 CET on 3 March 2023 and settlement is expected to be on 14 March 2023.
Further details of the Tender Offer, including eligibility to participate, the different pricing mechanisms and the timeline is available via a tender offer memorandum produced in respect of the Tender Offer (the “Tender Offer Memorandum”) and available via the Tender Agent and the Dealer Managers and at: https://direct.euronext.com/#/rispublication.
Heimstaden Bostad AB has retained BNP Paribas, Citibank, Danske Bank, Deutsche Bank, JP Morgan and Swedbank as Dealer Managers and Kroll Issuer Services as Tender Agent.
Financing – equity commitments and allocation of existing liquidity
The Tender Offer is partially backed by firm equity capital commitments from several shareholders, up to a maximum amount of SEK 4.5 billion, which are subject to the outcome of the Tender Offer. Following the resolution of the annual general meeting on 6 March 2023, Heimstaden Bostad AB will carry out a share issue raising said maximum amount of equity. The share issue is subject to completion of the Tender Offer.
In addition to the equity commitment and share issue, Heimstaden Bostad AB will allocate an amount of approximately SEK 4 billion of existing liquidity towards the Tender Offer.
Contact
Christian V. Dreyer, CCO
media@heimstaden.com
Malin Lethenström, Investor Relations
ir@heimstaden.com
About Heimstaden Bostad
Heimstaden Bostad is a leading European residential real estate company with around 158,000 homes across 9 countries and a property value of SEK 345 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Care, Dare and Share - our 2,200 colleagues strive to fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Read more at www.heimstadenbostad.com.
This information is such information that Heimstaden Bostad AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact persons, for publication on 27 February 2023 at 10.35 CET.