Swedavia issues hybrid bonds worth SEK 2 billion and announces results of tender offer

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

Swedavia AB (publ) (“Swedavia”) has successfully issued SEK 2 billion in subordinated hybrid bonds with a perpetual maturity and first redemption option after 5 years (non-call 5 year).The settlement date of the hybrid bonds are 15 November 2023.

In connection with the new issue Swedavia announces the results of the tender offer (the “Tender Offer”) to the holders of the Issuer’s outstanding SEK 1,000,000,000 subordinated hybrid bonds callable November 2024 with ISIN SE0013486271 (the “Securities”). The Tender Offer expired at 12:00 CET on 9 November 2023. Securities in an aggregate amount of SEK 892,500,000 have been validly tendered and accepted by Swedavia.

- We are very happy about that the offer attracted so large of interest from the market and that both the issuance process and tender offer process was very smooth. The large interest from Swedish institutional investors but also from the Nordic investor base in combination with the substantial over subscription shows Swedavia’s strong standing amongst Nordic investors, says Kristina Ferenius, CFO Swedavia.

New hybrid transaction:

The hybrid bonds are split into two tranches, one with a floating rate coupon and one with a fixed coupon. The floating rate tranche was priced with a coupon of 3mS+230bps and SEK 1.4bn and the fixed tranche of SEK 600m will be set with a coupon of 5.573%. The orderbook consisted of over 75 unique investors and retrieved a larger than initially indicated volume. This generated a more attractive pricing for Swedavia in the new transaction.

Nordea Bank Abp acted as Global Coordinator and Joint Bookrunner and Danske Bank acted as Joint Bookrunner on the new hybrid transaction.

The tender offer:

The Issuer will complete the Tender Offer and the price for the Securities in the Tender Offer amounts to 100.925 per cent. of the nominal amount. The Issuer will also pay accrued and unpaid interest from, but excluding, the previous interest payment date until, and including, the settlement date for the Tender Offer. Settlement for the Tender Offer will occur on 15[SE3] November 2023.

Settlement of the Tender Offer will occur as secondary trades via Nordea Bank Abp. All tendering holders should coordinate their trade bookings with their local sales representative immediately. Securities tendered and accepted by Swedavia for purchase pursuant to the Tender Offer will be cancelled in accordance with the terms and conditions of the Securities

Nordea Bank Abp acted sole dealer manager on the Tender Offer.

For further information about the transaction, please contact:

Global Coordinator and Dealer Manager:
Nordea Bank Abp

New issue:
dcmsweden@nordea.com
+46 8 407 90 75

Tender:
nordeaLiabilityManagement@nordea.com[SE4]
+45 6136 0379

Joint Bookrunner
Danske Bank A/S, Danmark, Sverige Filial
dcm_sweden@danskebank.se
+46 8 568 80555

Swedavia:
Kristina Ferenius, CFO
kristina.ferenius@swedavia.se
010-109 00 00

This information is information that the Issuer is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish securities markets act (2007:528). The information was submitted for publication, through the agency of Swedavia’s contact person set out above on 9 November 2023, at 12:45 CET.

For further information, please contact Robert Pletzin, Head of Media Relations, or Swedavia’s press office at tel. +46 (0)10-109 01 00 or press@swedavia.se.