Genova successfully issues new green bonds, announces the result of the tender offer and exercises its right to make an early redemption of existing bonds
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND 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 IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT. THE DISTRIBUTION OF THIS DOCUMENT IN CERTAIN JURISDICTIONS (IN PARTICULAR, THE UNITED STATES AND THE UNITED KINGDOM) MAY BE RESTRICTED BY LAW.
Genova Property Group AB (publ) (the "Company” or "Genova”) has successfully issued senior unsecured green bonds (the “New Green Bonds”) in an initial amount of SEK 500 million and announces the results of the tender offer (the “Tender Offer”) to the holders of Genova’s existing senior unsecured floating rate green bonds with ISIN SE0014808820 maturing in September 2024 and with an outstanding amount of SEK 722.5 million (the “Outstanding Bonds”). The Tender Offer expired at 12:00 CET on 8 November 2023. The Tender Offer has been accepted by holders of the Outstanding Bonds representing a total nominal amount of SEK 547.5 million. Genova will complete the Tender Offer and accepts all tendered Outstanding Bonds for purchase. Settlement for the Tender Offer is expected to occur on 16 November 2023.
"Genova has now managed all of our bond maturities 2023, with the result that the next bond maturity will not occur until November 2026. The total bond debt has decreased from approximately SEK 1,300 million to SEK 500 million with a positive effect on net financial income and earnings. The focus going forward remains on securing the balance sheet and to ensure good liquidity," comments Michael Moschewitz, CEO of Genova.
The Tender Offer was made on the terms and subject to the conditions set out in a tender information document dated 27 October 2023 (the “Tender Information Document”)
The New Green Bonds were issued under a total framework of SEK 750 million, carries a floating interest rate of 3m Stibor + 595 basis points and will mature in November 2026. Genova intends to apply for admission to trading of the New Green Bonds on the sustainable bond list of Nasdaq Stockholm.
In accordance with Genova's notice of conditional early redemption of the Outstanding Bonds published on 27 October 2023, Genova intends, subject to the conditions therein being met, to exercise its right to early redemption. The Outstanding Bonds will, upon such early redemption, be fully repurchased at a price corresponding to 102.25 percent of the nominal amount plus accrued and unpaid interest, and the settlement date for such early redemption is expected to be 24 November 2023.
The Tender Information Document and the notice of early redemption are available on the following link: https://genova.se/investors/bonds/.
Nordea Bank Abp and Swedbank AB (publ) have acted as arrangers and joint bookrunners in respect of the issuance of the New Green Bonds and as dealer managers for the Tender Offer. Gernandt & Danielsson Advokatbyrå KB have acted as legal advisor.
For further information, please contact:
CEO, Michael Moschewitz, mobile +46 (0)70-713 69 39, [email protected]
About Genova
Genova Property Group AB (publ) is a modern property company with a personal touch that owns, manages and develops properties with focus on Greater Stockholm area and Uppsala Region. On 30 September 2023, the value of the company's property portfolio amounted to approximately SEK 10.3 billion with a lettable area of approximately 370,000 sqm and the company held approximately 9,000 building rights for residential units. Genova's share has been listed on Nasdaq Stockholm since 2020.
This information is information that Genova Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 8 November 2023, at 18.30 CET.
Genova – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se
