SBB has successfully completed a directed share issue raising gross proceeds of approximately SEK 600m
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The Board of Samhällsbyggnadsbolaget i Norden AB (publ) (“SBB” or the “Company”) has, based on the authorization given by the extraordinary general meeting on 5 November 2018 and in accordance with what the Company indicated in a press release on 3 April 2019, decided on a directed new issue of 19,422,377 shares of class D (“D-shares”) at a price of SEK 31.00 per share. Due to very strong demand the Company decided to upsize the offering. This means that the Company will receive gross proceeds of approximately SEK 600m before issue costs. The subscription price has been established in advance and corresponds to the subscription price in previous completed directed D-share issues. The subscription price represents a marginal discount of approximately 0.3 percent compared to the closing price of SEK 31.10 for the D-share on Nasdaq First North Premier on 3 April 2019, the last trading day before the directed share issue.
A group of Swedish and international investors, both institutional investors and the private banking segment including foundations, have subscribed for D-shares in the directed share issue. Out of the total demand of 19,422,377 D-shares, 13,042,574 D-shares have been allocated through the accelerated book-building procedure led by SEB Corporate Finance. In addition, the Company has, in connection to the book-building procedure, identified additional investors for the allocation of 6,379,803 D-shares with the purpose of financing additional investments in portfolio optimization.
The Company believes that using the flexibility provided by the non-pre-emptive placing is the most appropriate way to diversify the shareholder base among Swedish and international investors and at the same time raise capital in a time efficient manner.
The Company intends to use the proceeds from the directed share issue to support the ambition of reaching an investment-grade rating by optimizing the capital structure and the updated financial target of a loan to value ratio below 50 percent as well as to procure additional working capital in order to, e.g., effect investments into portfolio optimization so that the balance shifts more towards social infrastructure (elderly care homes, group housing and schools) and residential focusing on the target to achieve and maintain a BBB rating.
The directed share issue will result in an increase of the number of shares in SBB of 19,422,377 and an increase in the share capital by SEK 1,942,237.70. Taking into consideration resolved share issues not yet registered, this entails an increase in the number of shares from 811,108,737 to 830,531,114 and an increase in the share capital from SEK 81,110,873.70 to SEK 83,053,111.40, corresponding to a dilution of approximately 2.34 percent of the outstanding number of shares and approximately 0.71 percent of the outstanding number of votes in the Company.
Advisers
SEB is appointed as Sole Financial Advisor and Bookrunner and Vinge is acting as legal counsel to the Company in connection with the capital raising.
For further information, please contact:
Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, +46 70 518 39 67, ilija@sbbnorden.se
This is information that Samhällsbyggnadsbolaget i Norden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact person set out above, on 4 April 2019 at 08:00 CET.
About Samhällsbyggnadsbolaget i Norden AB (publ)
The company’s strategy is to own, manage and develop community service properties throughout the Nordic region and rental apartments in growth regions in Sweden. Through the company's commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the company an attractive long-term partner. At the beginning of 2018, SBB was named the winner of the Real Estate Company of the Year Award for 2017. The company’s series B shares (short name SBB B), D shares (short name SBB D) and preference shares (SBB PREF) are listed on Nasdaq First North Premier. Certified Adviser is Erik Penser Bank (contact: certifiedadviser@penser.se / +46 84638300). More information about the company is available at www.sbbnorden.se.
Important information
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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied or distributed, directly or indirectly, to the United States, Australia, Canada, Japan or in any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require prospectuses, registration or any other measures than those required by Swedish law.
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Forward-looking statements
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