May 9, 2014 - Assignment

Industrivärden issues SEK 4.4 billion of exchangeable bonds

AB Industrivärden has issued SEK 4.4 billion senior unsecured bonds due 2019 exchangeable into existing ordinary shares of ICA Gruppen AB, one of the Nordic region’s leading retail companies.

The bonds will carry a 5 year maturity and will not bear interest. The bonds will be exchangeable into the shares at an initial exchange price of SEK 300.00, representing a premium of approximately 38 per cent above the ICA share’s volume-weighted average price during the book build. The part of Industrivärden’s holdings of ICA shares covered by the bonds is equivalent to about 7 per cent of ICA’s total share capital.

Industrivärden is a listed holding company and one of the leading industrial development companies in the Nordic region. The company’s Class A and Class C shares are listed on the Stockholm Stock Exchange.

Industrivärden has been advised by Mannheimer Swartling on legal matters in the issuance of the bonds. The firm’s team includes Eva Hägg, Thomas Pettersson, Patrik Marcelius and Gustaf Hygrell.