Stendörren exercises its right to early redemption of its outstanding 2021-notes
Stockholm, 14 September 2023
NOT FOR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED IN OR RESIDENT OF THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, THE WAKE ISLANDS, 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 ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS DOCUMENT IS PROHIBITED BY LAW. THE DISTRIBUTION OF THIS DOCUMENT MAY BE UNLAWFUL IN CERTAIN JURISDICTIONS (IN PARTICULAR THE UNITED STATES AND THE UNITED KINGDOM).
In a press release on 11 September 2023, Stendörren announced its intention to exercise its right to an early voluntary redemption of Stendörren's outstanding unsecured floating rate notes due 28 April 2024 with ISIN SE0015503545 (the "Notes") to the extent not repurchased in connection with the voluntary tender offer, of which the result was announced in a press release on 14 September 2023, in accordance with the terms and conditions of the Notes dated 21 January 2021 (the "Redemption"). The Redemption is conditional upon the satisfaction of the Condition, as defined in the Conditional Notice of Early Redemption dated 14 September 2023.
Stendörren has today formally exercised its right to Redemption and the Notes will be early redeemed at a price corresponding to 101.46 per cent. of the nominal amount per Note plus accrued and unpaid interest up to, and including, the settlement date for the Redemption which is expected to be 10 October 2023.
In connection with the Redemption, the Notes will be delisted from Nasdaq Stockholm, and the intended last day of trading is 28 September 2023.
Please refer to the attached Notice of Early Redemption for further details on the Redemption.
For further information, please contact:
Erik Ranje, CEO
Tel.no.: +46 703 08 52 09
E-mail: erik.ranje@stendorren.se
Per-Henrik Karlsson, CFO
Tel.no.: +46 721 58 70 92
E-mail: per-henrik.karlsson@stendorren.se
Stockholm, 14 September 2023
To the noteholders in:
ISIN: SE0015503545 – Stendörren Fastigheter AB up to SEK 1,000,000,000 senior unsecured floating rate notes 2021/2024
CONDITIONAL NOTICE OF EARLY REDEMPTION
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This conditional notice of early redemption has been sent on 14 September 2023 Noteholders directly registered as of 13 September 2023 in the debt register (Sw. skuldbok) kept by the CSD. If you are an authorised nominee under the Swedish Central Securities Depositories and Financial Instruments Accounts Act or if you otherwise are holding Notes on behalf of someone else on a securities account, please forward this notice to the Noteholder(s) you represent as soon as possible. |
Reference is made to the terms and conditions of the above-mentioned notes (with an aggregate amount outstanding of SEK 700,000,000) (the “Notes”) issued by Stendörren Fastigheter AB (publ) (the “Issuer”) on 28 January 2021 in accordance with the terms and conditions for the Notes (the “Terms and Conditions”).
All capitalised terms used herein and not otherwise defined in this notice shall have the meaning assigned to them in the Terms and Conditions.
- NOTICE
The Issuer hereby gives conditional notice to all Noteholders that it will exercise its right to early voluntary redemption of all outstanding Notes in accordance with Clause 9.3.1(a) of the Terms and Conditions (the “Redemption”). Subject to the Condition described below, the Redemption Date is set to 10 October 2023 and the Record Date for the Redemption will be 3 October 2023, i.e. five (5) Business Days prior to the Redemption Date.
The Redemption is conditional upon the Issuer’s successful settlement of SEK denominated senior unsecured green notes of up to approximately SEK 500,000,000 under a framework of SEK 600,000,000 with an expected term of 3.25 years (including the full and due receipt of funds by the Issuer, which will enable the Issuer to finance the Redemption (including any accrued interest thereon) (in accordance with the press release published on 11 September 2023) prior to the Record Date (the “Condition”).
The Issuer shall inform the Agent and the Noteholders by way of press release at least one (1) Business Day prior to the Record Date if the Condition is, or will not be, satisfied. Should the Condition not be fulfilled by the Record Date, the Redemption will not occur.
If the Condition is satisfied, the Redemption will be irrevocable and the Notes will, on the Redemption Date, be redeemed at a price per Note equal to 101.46 per cent of the Nominal Amount. Any accrued and unpaid interest will also be paid in respect of the Notes in accordance with the Terms and Conditions.
The redemption amount (together with accrued but unpaid interest) will be paid on the Redemption Date to each person who is registered as owner of Notes in the debt register maintained by Euroclear Sweden AB at end of business on the Record Date, being 3 October 2023.
In connection with the Redemption, the Notes will be delisted from Nasdaq Stockholm.
This conditional notice of early voluntary redemption is irrevocable and is governed by Swedish law. This notice is for information purposes only and is not to be construed as an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities of the Issuer.
- CONTACT DETAILS
For further information or questions to the Issuer, please contact:
Erik Ranje, CEO
Tel. no.: +46 703 08 52 09
E-mail: erik.ranje@stendorren.se
Per-Henrik Karlsson, CFO
Tel. no.: +46 721 58 70 92
E-mail: per-henrik.karlsson@stendorren.se
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Stockholm, 14 September 2023
Stendörren Fastigheter AB (publ)