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Magnolia Bostad AB (publ) ("Magnolia Bostad") today announces the final results of its invitation dated 8 March 2021 to the holders of its outstanding bonds outlined below (the "Bonds") to tender their Bonds for purchase by Magnolia Bostad for cash (the "Tender Offer"), its intention to exercise its right of an early voluntary total redemption of the Bonds and to carry out open market purchases of the Bonds.
The Tender Offer was made on the terms and subject to the conditions set out in a tender information document dated 8 March 2021 (the "Tender Information Document"), available on the website of Magnolia Bostad: https://om.magnoliabostad.se/en/bonds
At the expiration of the Tender Offer at 12:00 CET on 11 March 2021, valid tender instructions of SEK 117,000,000 in an aggregate nominal amount of Bonds were received pursuant to the Tender Offer. Details of tendered amount are set out below.
As announced on 10 March 2021, Magnolia Bostad will issue new senior unsecured green floating rate bonds in an aggregate nominal amount of SEK 500,000,000 and the New Financing Conditions (as defined in the Tender Information Document) have consequently been met. Hence, all valid tender instructions received will be accepted for purchase by Magnolia Bostad. Following the completion of the Tender Offer Magnolia Bostad will hold Bonds in a total amount of SEK 464,000,000. The Bonds repurchased will be retained by Magnolia Bostad and will not be cancelled prior to the Early Redemption (as defined below).
The purchase price payable per Bond is as set out below, in addition to which Magnolia Bostad will pay an amount equal to any accrued and unpaid interest on the relevant Bonds (in accordance with the applicable terms and conditions of the Bonds):
Description of the Bonds / ISIN / Offered Tendered Amount / Accepted Tender Amount / Outstanding Amount after Tender Offer / Purchase Price
2016/2021 Sr Unsec FRN / SE0009155625 / SEK 117,000,000 / SEK 117,000,000 / SEK 600,000,000 / 100.521%
Settlement of the Tender Offer will occur on or around 18 March 2021. Settlement of the transactions pursuant to the Tender Offer will occur as secondary trades via Nordea Bank Abp and Swedbank AB (publ) (the "Joint Bookrunners" and the "Dealer Managers"). All tendering holders should coordinate the trade bookings with their local sales representative immediately.
Early Voluntary Total Redemption
No later than 16 March 2021, Magnolia Bostad will give notice to all holders of the Bonds for early voluntary redemption of the Bonds in full in accordance with Clause 10.3 (Voluntary Total Redemption) in the terms and conditions (the "Early Redemption"). The redemption date will be 13 April 2021 (the "Redemption Date") and the record date for the Early Redemption will be 6 April 2021 (the "Record Date").
All outstanding Bonds will be redeemed at the redemption price of 100.00 per cent. of the nominal amount (i.e., SEK 1,000,000 per Bond) together with accrued and unpaid interest up to and including the Redemption Date (the "Redemption Amount"). The Redemption Amount will be paid to each person who is registered as owner of Bonds in the debt register maintained by Euroclear Sweden at end of business on the Record Date.
In connection with the Early Redemption, the Bonds will be delisted from Nasdaq Stockholm.
Open Market Purchases
Up until the Record Date for the Early Redemption, Magnolia Bostad intends to carry out open market purchases of all and any Bonds which have not previously been repurchased by Magnolia Bostad at a purchase price corresponding to the Redemption Amount.
Information about the Tender Offer and Early Redemption may be obtained from the Dealer Managers.
Joint Bookrunners and Dealer Managers
Nordea Bank Abp: +45 6161 2996, NordeaLiabilityManagement@nordea.com
Swedbank AB (publ): +46 (0)8 700 90 22, Syndicate@swedbank.se
Fredrik Westin, CFO
firstname.lastname@example.org or tel. +4672 720 00 06
This information is information that Magnolia Bostad 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, at 14.45 CET on 11 March 2021.
Magnolia Bostad AB, CIN 556797-7078, is a leading urban developer that develops new residential properties primarily rental apartments but also tenant-owned apartments, community service properties and hotels, in attractive locations in Sweden's growth areas and major cities. Housing is being developed both for sale and for self-management. Our work is based on a holistic approach where the operations are conducted in a way that promotes long-term, sustainable urban development. Magnolia Bostad's shares (MAG) are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.com/en
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