Serneke explores the possibility to issue new bonds and gives conditional early redemption notice of existing bonds

Serneke Group AB (publ) (“Serneke” or the “Company”) has mandated Carnegie Investment Bank and DNB Markets (the “Joint Bookrunners”) to explore the possibility of an early refinancing of the Company’s outstanding bonds 2016/2019 with ISIN SE0008992184 (the “Existing Bonds”), through an issuance of a new bond loan.

Serneke, together with the Joint Bookrunners, will arrange a series of fixed income investor meetings commencing on 22 May 2018. After these planned investor meetings, a SEK-denominated senior unsecured capital markets transaction may follow, subject to, inter alia, the prevailing market conditions and the final decision of the Company. The net proceeds from any such transaction will be used to refinance the Existing Bonds in full and for general corporate purposes.

Due to the contemplated refinancing, the Company gives conditional notice of early redemption in full of the Existing Bonds. The redemption is conditional upon the successful completion of the aforementioned bond issue. The purpose of the redemption is to maintain a healthy debt maturity profile, enhance financing terms and to finance future growth and margin expansion in line with Serneke’s financial targets for 2020.

If the new bond issue is completed before the record date for the redemption, which will be 7 June 2018, the redemption will be irrevocable and the Existing Bonds will be redeemed on 14 June 2018 at 103.125 per cent. of their nominal amount (i.e., SEK 1,031,250 per Existing Bond) plus accrued but unpaid interest.

For complete information regarding the terms of the redemption, please be referred to the conditional notice of early redemption available at www.serneke.group, which is also sent to directly registered owners and registered authorised nominees (Sw. förvaltare) of the Existing Bonds as of 17 May 2018 in the debt register.

For more information, please contact:
Anders Düring, CFO
Tel: +46 70 888 7733
anders.during@serneke.se

This information is such that Serneke is required to disclose under the EU Market Abuse Regulation. The information was submitted under the auspices of the contact person stated above, for publication on 18 May 2018 at 08:00 a.m. CET.
 

Serneke is a rapidly growing corporate group active in construction, civil engineering, project development and property management. The Group was founded in 2002 and today has income of approximately SEK 6 billion and has over 1,000 employees. Through novel thinking, the Company drives development and creates more effective and more innovative solutions for responsible construction. The Company builds and develops housing, commercial buildings, industrial facilities, public buildings, roads and civil engineering projects, and other infrastructure. The Company’s customers are public and commercial clients, and operations are focused on the three metropolitan regions in Sweden, Gothenburg (Region West), Stockholm (Region East) and Malmö (Region South). Serneke’s headquarters are located in Gothenburg and the Company also has offices in Stockholm, Malmö, Alingsås, Borås, Halmstad, Helsingborg, Skövde, Strömstad, Trollhättan, Uppsala, Varberg and Växjö. The Company’s Series B shares (SRNKE) have been listed on the Nasdaq Stockholm exchange since November 2016.

More information about Serneke Group AB can be found at www.serneke.group