Cibus Nordic Real Estate AB (publ) announces results from tender offers
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On 18 March 2024 Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") announced that the Company has launched tender offers to the holders of Cibus' outstanding EUR 50,000,000 senior unsecured green floating rate notes (2022/2024) (the "2022/2024 EUR Notes"), SEK 700,000,000 senior unsecured green floating rate notes (2022/2025) (the "2022/2025 SEK Notes") and EUR 70,000,000 senior unsecured floating rate notes (2022/2025) (the 2022/2025/ EUR Notes" and together with the 2022/2024 EUR Notes and the 2022/2025 SEK Notes, the "Notes") (the "Tender Offers"). The Tender Offers expired at 12:00 CET on 21 March 2024 and was made subject to the terms and conditions described in the tender information document dated 18 March 2024 (the "Tender Information Document"). The Company has received tender instructions in a total aggregate nominal amount equal to EUR 32.8m plus SEK 541.25m and intends to accept all tender instructions received.
Tender offer
Cibus intends to complete the Tender Offers. The price for the Notes in the Tender Offers and the allocation between the Notes amounts to:
(i) 100.00 per cent. of the nominal amount for the 2022/2024 EUR Notes in a total nominal amount of EUR 3,300,000;
(ii)103.50 per cent. of the nominal amount for the 2022/2025 SEK Notes in a total nominal amount of SEK 541,250,000; and
(iii)105.00 per cent. of the nominal amount for the 2022/2025 EUR Notes in a total nominal amount of EUR 29,500,000.
Cibus will also pay accrued and unpaid interest on the Notes on the settlement date in accordance with the relevant general terms and conditions of the Notes. The settlement date for the Tender Offers is expected to occur on 2 April 2024.
Quote from Cibus' CEO, Christian Fredrixon:
"The overall purpose of the tender offers was to extend the maturity profile and lower interest costs and I am pleased to announce that we have tendered approx. 58% of the bonds in question. The remaining outstanding bonds can be redeemed during 2024 and yesterday we issued new bonds of 80m EUR and 700m SEK, which in total is the same amount as all our bonds maturing in 2024 and 2025. We have thus covered all bond maturities until Feb-2027.
Thus, in Q1 2024, subject to redemption of all outstanding bonds under the tender offers, we have extended our total bond maturity profile from 1.6 years to 3.6 years and our average bond margin will drop from 6.0% to 3.8% - which in itself is our lowest bond margin ever and at the same time the longest weighted average bond maturity we have had, which I feel demonstrates the strength in Cibus."
Danske Bank A/S, Danmark, Sverige Filial and Swedbank AB (publ) act as dealer managers for the Tender Offers. Swedbank AB (publ) has acted as Sole Structuring Advisor of the Company's Green Finance framework. Roschier Advokatbyrå AB has acted as legal advisor to the Issuer in connection with the Tender Offers.
Dealer Managers:
Danske Bank A/S, Danmark, Sverige Filial: [email protected]
Swedbank AB (publ): [email protected]
For further information, please contact:
Christian Fredrixon, CEO, Cibus Nordic Real Estate AB (publ)
e-mail: [email protected], tel: +46 (0)8 12 439 100
Pia-Lena Olofsson, CFO, Cibus Nordic Real Estate AB (publ)
e-mail: [email protected] tel: +46 (0)8 12 439 100
This press release contains information that Cibus Nordic Real Estate AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at the time specified by Cibus' news distributor beQuoted at the time of publication of this press release.
Cibus is a real estate company listed on Nasdaq Stockholm Mid Cap. The company's business idea is to acquire, develop and manage high quality properties in the Nordics with daily goods store chains as anchor tenants. The company currently owns about 450 properties in the Nordics. The main tenants are Kesko, Tokmanni, Coop Sweden, S Group and Lidl.
Om Cibus
Cibus affärsidé är att förvärva, förädla och utveckla högkvalitativa fastigheter i Norden med välrenommerade livsmedelsbutiker och dagligvarukedjor som ankarhyresgäster för att kunna ge en stabil, konjunkturoberoende och ökande utdelning till våra aktieägare.
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