December 1, 2016 - Assignment

Ellevio makes the largest private placement ever in the U.S. made by a European company

On 26 October 2016, Ellevio issued approx. SEK 3.3 billion, USD 941 million and EUR 50 million U.S. private placement notes. The issue constituted the largest private placement ever in the U.S. made by a European company.

The issue of private placement notes forms part of a larger refinancing transaction whereby Ellevio has set up a common debt platform through which it can raise debt through, amongst other things, bank facilities, private placements and public bonds, for the purpose of refinancing certain existing financial indebtedness and for general corporate purposes.

In addition to issuing the private placement notes and as part of the overall refinancing transaction, Ellevio has also entered into a SEK 35.3 billion initial authorised credit facilities agreement and established a EUR 10 billion multicurrency medium term bond programme through which it can issue public bonds.

Ellevio owns and develops regional and local electricity grids and distributes electricity to approximately 915,000 customers in Sweden, making it one of the largest electricity distributors in Sweden. Ellevio is owned by a consortium consisting of Borealis Infrastructure Management, Första AP-fonden, Tredje AP-fonden and Folksam. 

Ellevio was advised by Mannheimer Swartling as to matters of Swedish law.