SIBS AB (publ) successfully issues senior unsecured floating rate bonds of SEK 1,000 million and announces results of the exchange offer for its existing bonds
SIBS AB (publ) ("SIBS" or the "Company") has successfully issued new senior unsecured floating rate bonds amounting to SEK 1,000 million with a tenor of three years (the "New Bonds"). The New Bonds carry a floating rate of 3m STIBOR + 675 basis points per annum, and the net proceeds from the bond issue will be used to refinance SIBS’s existing senior unsecured floating rate bonds amounting to SEK 598 million maturing in October 2025 (ISIN: SE0014965729) (the "Existing Bonds") and for general corporate purposes. SIBS intends to list the New Bonds on Nasdaq Stockholm.
On September 24, SIBS announced, through a press release, an offer to holders of the Existing Bonds to participate in an exchange offer to use the Existing Bonds as payment for subscription of New Bonds at a price of 102.00 percent of the nominal amount, plus accrued but unpaid interest (the “Exchange Offer”). The Exchange Offer expired at 16:00 CEST on September 30, 2024, and a total nominal amount of SEK 490.6 million has been accepted by SIBS. The settlement date for the issuance of the New Bonds and the Exchange Offer is expected to occur on October 7, 2024.
Subject to the settlement date for the issuance of the New Bonds, SIBS intends to exercise its right to carry out an early redemption of the Existing Bonds that were not utilized in the Exchange Offer in accordance with the terms and conditions of the Existing Bonds. The Existing Bonds will, in such early redemption, be redeemed at a price of 101.00 percent of the nominal amount, plus accrued but unpaid interest from, but excluding, the latest interest payment date to, and including, the settlement date for early redemption, which is expected to occur on October 18, 2024 (the "Redemption Price"), in accordance with the terms and conditions of the Existing Bonds. The Redemption Price will be paid to each person who is registered as owner of the Existing Bonds in the debt register maintained by Euroclear Sweden at the end of business on October 11, 2024.
Carnegie Investment Bank has acted as Global Coordinator and Joint Bookrunner and Danske Bank A/S, Danmark, Sverige Filial as Joint Bookrunner of the issuance of the New Bonds and as Dealer Managers in connection with the Exchange Offer. Roschier Law Firm has acted as legal advisor.
|
For more information, please contact: Erik Thomaeus CEO, SIBS AB et@sibs.se +46 70-755 78 98 |
|
|
|
This information is the kind of inside information that SIBS AB (publ) is obliged to make public in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the contact people above, at 7 pm CET on 30 September 2024. |
||
|
SIBS AB was founded in 2016 and is today one of the world's leading modular building manufacturers with a scalable capacity of up to around 6 000 homes per year. SIBS has the entire integrated value chain for industrial construction within the group - from design and configuration in its own building system, industrial production in its own factories and onsite assembly/finalization. With the help of digitalization and technology, we set a new standard in the construction industry. SIBS bond is listed on Nasdaq Stockholm. Read more at www.sibs.se. |
||