All conditions for Bonava's financing package are being fulfilled and amended terms of the notes enter into force
On 20 December 2023, Bonava AB (publ) ("Bonava" or the "Company") announced that the Board of Directors had resolved on a fully underwritten rights issue of approximately SEK 1,050 million, that the Company had, on certain conditions, reached an agreement with its lenders regarding an extension of its senior credit facilities, and that the Company had initiated a written procedure regarding Bonava's outstanding notes to extend the maturity of the notes. On 10 January 2024, it was announced that Bonava had obtained approval from noteholders to amend the terms and conditions of the notes, on 1 February 2024 it was announced that Bonava had signed a new credit facility agreement with its lenders, and on 29 February 2024 the outcome of the fully subscribed rights issue was announced. As all conditions for the amended terms of the notes are being fulfilled, and thereby also for the new financing package, the amended terms of the notes will enter into force today, 14 March 2024.
The amended terms and conditions of Bonava's outstanding green notes with ISIN SE0013887873 include, among others:
a) an extension of the maturity date to 11 March 2027,
b) an increase of the margin,
c) an inclusion of two mandatory redemption instalments of SEK 120 million each during the first half of 2024,
d) an option for the Company to make voluntary redemptions at certain percentage of the nominal amount, and
e) a security package ranking pari passu with the lending banks.
Payment of the early consent fee to eligible noteholders will be made no later than 28 March 2024. The amended and restated terms of the notes are available at Bonava's webpage, bonava.com.
For more information, please contact:
Lars Ingman, CFO
Anna Falck Fyhrlund, Head of Investor Relations
Tel: +46 707 604 914
Fredrik Hammarbäck, Group Head of Press and Public Affairs
Tel: +46 739 056 063
Bonava is a leading residential developer in Europe with the purpose to create happy neighbourhoods for the many. With its 1,300 employees, Bonava develops residential housing in Germany, Sweden, Finland, Estonia, Latvia and Lithuania. To date, the company has built about 40,000 homes and reported net sales of approximately SEK 13 billion in 2023. Bonava's shares and green bond are listed on Nasdaq Stockholm.
For more information about us, please visit: bonava.com
