Swedavia AB (publ) (”Swedavia”) has successfully issued a total of SEK 3 billion in subordinated hybrid bonds divided into two perpetual maturities with first redemption option after 5 years (”NC5 Hybrid Bond”) and 7 years (”NC7 Hybrid Bond”), with floating coupon for the NC5 Hybrid Bond and floating coupon and fixed coupon for the NC7 Hybrid Bond. The settlement date for the hybrid bonds is 19 November.
In connection with the new share issue, Swedavia announces the results of the repurchase offer (the ”Repurchase Offer”) to the holders of Swedavia’s outstanding SEK 2,300,000,000 subordinated hybrid bonds with perpetual maturity and first possible redemption November 2026, ISIN SE0015938345 and to the holders of Swedavia’s outstanding SEK 200,000,000 subordinated hybrid bonds with perpetual maturity and first possible redemption November 2026, ISIN SE0015950290 (the ”Repurchased Bonds”). The Repurchase Offer expired at 12:00 CET on 11 November 2025. Repurchased Bonds amounting to a total amount of SEK 2.35 billion have been validly sold back and accepted by Swedavia (of which SEK 2.15 billion is attributable to ISIN SE0015938345 and SEK 200 million is attributable to ISIN SE0015950290).
– Our hybrid issue was oversubscribed, which once again shows great interest in Swedavia. The issue of 3 billion together with the solid rating of Baa1 (positive outlook) continues to give us good conditions to competitively finance the further development of our airports, says Kristina Ferenius, CFO Swedavia.
The hybrid bond:
The floating tranche of the NC5 Hybrid Bond was priced at 3mS+170bps amounting to SEK 1,750,000,000. The floating tranche of the NC7 Hybrid Bond was priced at 3mS+220bps amounting to SEK 750,000,000 and the fixed tranche of the NC7 Hybrid Bond was priced with a coupon of 4.815% amounting to SEK 500,000,000. The order book consisted of approximately 80 unique investors and received a larger volume than initially indicated for the transaction. This also enabled a more attractive pricing of the new hybrid transaction.
Nordea Bank Plc (“Nordea”") and Scandinavian Single Bank AB (publ) ("”SEB”) acted as Joint Bookrunners in the new hybrid transaction.
Buyback offer:
Swedavia will complete the repurchase offer and the price for the securities will amount to 101.897% of the nominal amount for the floating rate hybrid bond and 100.506% for the fixed rate hybrid bond. Swedavia will also pay accrued and unpaid interest from, but excluding, the previous interest payment date up to and including the settlement date of the repurchase offer. The settlement date of the repurchase offer is set at 19 November 2025.
Payment of proceeds and handling of the repurchase offer will be made through secondary trading via Nordea. All those who have participated in the repurchase offer should immediately coordinate their bookings with their local sales representative. Bonds that Swedavia has accepted for repurchase will be cancelled in accordance with the terms of the Bonds.
Nordea acted as sole Dealer Manager for the repurchase offer.
According to the press release.
