Swedavia AB (publ) (the ”Issuer”) is evaluating the conditions for issuing new hybrid bonds in Swedish kronor. The purpose of the transaction is to create the best possible financial flexibility in the implementation of Swedavia’s strategy and mission while maintaining the goals for Swedavia’s capital structure.
Subject to prevailing market conditions, the hybrid bonds are expected to be issued in SEK and have a perpetual maturity and with first call option after 5 and/or 7 years (non-call 5 or and/or non-call 7 year) and to be subordinated to the Issuer's outstanding senior bonds (the "New Hybrid Bonds"). The New Hybrid Bonds may be issued in both floating and/or fixed format (the "Bond Issue").
In connection with the proposed issuance of the New Hybrid Bonds, the Issuer is offering holders of the Issuer’s outstanding hybrid bonds described below (”Existing Hybrid Bonds”) a repurchase offer of all of their Existing Hybrid Bonds for repurchase by the Issuer against payment (the ”Repurchase Offer”) at the price set out below. Existing Hybrid Bonds will be repurchased in accordance with the terms of the repurchase document dated 5 November 2025 (the ”Repurchase Document”).
Description of Existing Hybrid Bonds / ISIN / Outstanding Amount / Minimum Denomination / Purchase Amount
Subordinated hybrid bonds with perpetual maturity and first redemption option in November 2026 / SE0015938345 / SEK 2,300,000,000 / SEK 1,250,000 / price 101.895%.
Subordinated hybrid bond with perpetual maturity and first redemption option in November 2026 / SE0015950290 / SEK 200,000,000 / SEK 1,250,000 / price 100.506%.
The Repurchase Document is attached to this press release and is also made available via the dealer manager (contact details below). In connection with the Repurchase Offer, the Issuer intends to exercise the option to request redemption of bonds with ISIN SE0015938345 that are not repurchased through the Repurchase Offer provided that the conditions for a ”Substantial Repurchase Event” have been met as further specified in the Repurchase Document.
The Repurchase Offer will expire on the later of (i) 11 November 2025 and (ii) the date on which the books in the book-building process for the New Hybrid Notes are closed unless extended, resumed, withdrawn or terminated by the Issuer. The settlement date of the Repurchase Offer is expected to be reported on or about 19 November 2025 and, if possible, on the same day as the settlement date for the New Hybrid Notes, such date will be communicated as part of the book-building process for the New Hybrid Notes. The Issuer's repurchase of the Existing Hybrid Notes is conditional upon the successful issuance of the New Hybrid Notes and subject to the terms and conditions set out in the Repurchase Offer.
The Issuer will, in connection with the allotment of the New Hybrid Bonds, consider, among other things, whether the relevant investor seeking allotment in the New Hybrid Bonds has validly participated in the Repurchase Offer, subject to the terms and conditions set out in the Repurchase Document.
The Issuer has mandated Nordea Bank Abp (”Nordea”) and Skandinaviska Enskilda Banken AB (publ) as ”Joint Bookrunners” for the intended Bond Issue and Nordea as ”Dealer Manager” for the Repurchase Offer.
According to the press release.
