Refinancing and new credit facilities
(Thomson Reuters ONE) -
Investment AB Kinnevik (publ) ("Kinnevik") today announced that the group has
signed a number of financing agreements and prolonged existing credit facilities
to the Parent Company and to the wholly owned subsidiary Korsnäs AB.
The group has, since 31 March, signed credit facilities totaling SEK 7,450
million, replacing former credit facilities of SEK 7,060 million. The new loan
agreements consist of:
· revolving credit facility (club deal) of SEK 4,000 million to Korsnäs
with Crédit Agricole Corporate & Investment Bank, DnB Nor Bank, Nordea Bank,
Skandinaviska Enskilda Banken, Svenska Handelsbanken and Swedbank as Mandated
Lead Arrangers and DnB Nor Bank as Facility Agent;
· term loan of SEK 600 million to Korsnäs from Nordea Bank partly secured
by guarantee from the Swedish Export Credit Guarantee Board (Sw:
Exportkreditnämnden);
· term loan of SEK 600 million to Korsnäs from Svensk Exportkredit partly
secured by guarantee from the Swedish Export Credit Guarantee Board;
· extension of bilateral credit facility of SEK 1,500 million to Kinnevik
from Svenska Handelsbanken with shares in Korsnäs as security; and
· bilateral credit facility of SEK 750 million to Kinnevik from
Skandinaviska Enskilda Banken with listed shares as security.
The group's interest-bearing net debt amounted to SEK 8,195 at 31 March 2010.
Since 31 March the group has received dividends of SEK 2,685 million from Major
Listed Holdings and paid dividend of SEK 831 million to Kinnevik's shareholders.
After signing of the above agreements, the group's total credit facilities
amount to SEK 12,300 million with an average remaining duration of 3.7 years.
For further information, visit www.kinnevik.se
contact:
Mikael Larsson, CFO +46 (0)8 562 000 70
+46 (0)70 762 00 70
Torun Litzén, Director Investor Relations +46 (0)70 762 00 83
Investment AB Kinnevik's objective is to increase shareholder value, primarily
through net asset value growth. Kinnevik manages a portfolio of investments
focused around three comprehensive business areas; Major Unlisted Holdings which
includes the cartonboard and paper company Korsnäs including shares in Bergvik
Skog, Major Listed Holdings which includes Millicom International Cellular,
Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, and
New Ventures which is active in finding new investments in small and mid sized
companies which has a significant growth potential. Kinnevik plays an active
role on the Boards of its holdings.
The Kinnevik's class A and class B shares are listed on the NASDAQ OMX
Stockholm's list for large cap companies, within the financial and real estate
sector. The ticker codes are KINV A and KINV B.
[HUG#1421676]
Press release: http://hugin.info/1114/R/1421676/370924.pdf
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"Refinancing and new credit facilities"
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