SIBS AB (publ) (“SIBS” or the “Company”) has mandated Carnegie Investment Bank AB (“Carnegie”) as Global Coordinator and Joint Bookrunner and Danske Bank A/S, Denmark, Sverige Filial (“Danske Bank”) as Joint Bookrunner to explore the conditions for issuing senior unsecured bonds in an expected volume of SEK 1,000 million with a maturity of 3 years (the “New Bonds”). Subject to prevailing market conditions, a capital market transaction may follow. The proceeds from the New Bonds will be used to refinance the outstanding SEK 598 million green bonds with ISIN SE0014965729 maturing in October 2025 (the “Existing Bonds”) and for general corporate purposes.
In connection with the contemplated issuance of the New Bonds, SIBS will offer holders of the Existing Bonds to participate in an exchange offer (the “Exchange Offer”) where holders of Existing Bonds are offered to use Existing Bonds as payment for subscription of New Bonds. In connection with the allocation of the New Bonds, the Company will, among other things, consider whether the investor seeking allocation in the New Bonds has validly participated in the Exchange Offer. The Exchange Offer is conditional upon a successful issuance of the New Bonds.
Holders of Existing Bonds who choose to subscribe for New Bonds and utilize the Exchange Offer will, upon allocation and allotment of New Bonds, receive New Bonds at a value corresponding to 102.00 percent of the Existing Bonds that these holders provide as payment in the Exchange Offer.
In cases where a holder of the Existing Bonds is not allocated the New Bonds they have subscribed for, such holder will be refunded an amount corresponding to 102.00 percent of the potential excess that the holder has paid for New Bonds with Existing Bonds. All Existing Bonds that a holder of Existing Bonds has not applied to exchange for New Bonds will be redeemed at the applicable redemption price as set out below.
Furthermore, SIBS announces that the Company will exercise its option for early redemption of the Existing Bonds not repurchased under the Exchange Offer, in accordance with the terms of the Existing Bonds, which is conditional upon an issuance of the New Bonds and that all conditions for disbursement of proceeds under the New Bonds are met. The redemption date for the Existing Bonds will be October 18, 2024. The amount for redemption of the Existing Bonds will be the applicable redemption amount (101.00 percent of the nominal amount of the Existing Bonds) plus accrued but unpaid interest, and the redemption amount will be paid to holders of the Existing Bonds who hold these on the relevant record date (October 11, 2024).
Further details regarding the Exchange Offer and redemption of Existing Bonds are included in the terms, available from the Joint bookrunners.
In connection with the above, the Existing Bonds will be delisted from Nasdaq Stockholm.
SIBS has mandated Carnegie Investment Bank as Global Coordinator and Joint Bookrunner and Danske Bank A/S, Denmark, Svcerige 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.
Dealer managers:
Carnegie: dcmsyndicate@carnegie.se
Danske Bank: liabilitymanagement@danskebank.dk
For more information, please contact:
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Erik Thomaeus CEO, SIBS AB et@sibs.se +46 70-755 78 98 |
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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 3 pm CET on 24 September 2024. |
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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.
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