|Capital markets funding|
|Bonds under MTN Programme||2022||SEK||1 400m|
|Syndicated bank facility||2021||SEK||3 000m|
|Syndicated bank facility||2022||SEK||3 000m|
Capital markets funding
Kinnevik has established a medium term note programme. This programme enables Kinnevik to issue notes with a minimum tenor of one year within a SEK 6bn framework amount. The programme was extended in February 2019, and in connection therewith Danske Bank joined as dealer under the programme. The terms and conditions for the notes issued under the programme entail standard clauses about change of control and negative pledge.
SEB is arranging the programme and also acts as issuing agent together with Svenska Handelsbanken, Swedbank, Nordea Bank, DNB Bank ASA, filial Sverige, and Danske Bank.
In March 2017, Kinnevik issued SEK 1bn in bonds under the MTN Programme. The bonds have a tenor of five years and a floating rate coupon of three months STIBOR + 1.10%. In May 2017, Kinnevik raised an additional SEK 400m in a tap issue of said bonds.
Final Terms, loan 101, tranche 1 (March 2017 Bond Issue, in Swedish)
Final Terms, loan 101, tranche 2 (May 2017 Tap Issue, in Swedish)
Final Terms, loan 102 (May 2017 FRN Bond Issue, in Swedish)
Final Terms, loan 103 (May 2017 FXD Bond Issue, in Swedish)
Commercial paper program
Kinnevik has established a Swedish commercial paper program. The program enables Kinnevik to issue commercial papers with a tenor of maximum 12 months within a SEK 5bn program. The commercial paper program is a complement to Kinnevik's core funding.
Dealers under the program are Danske Bank, DNB, Handelsbanken, Nordea, SEB and Swedbank
Syndicated bank facilities
Kinnevik has 2 revolving credit facilities amounting to SEK 3,000m each:
(i) Provided by a group of 5 banks –DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. This facility matures in July 2021. The credit facility is secured by listed shares, but has no financial covenants. A part of the facility is used as back-up against the refinancing risk related to any issued commercial papers.
(ii) Provided by a group of 7 banks – Crédit Agricole, Danske Bank, DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. This facility matures in December 2022 but has two extension options that, if exercised in full, would extend the maturity date until December 2024. The credit facility is secured by listed shares, but has no financial covenants. A part of the facility is used as back-up against the refinancing risk related to any issued commercial papers.
Kinnevik has overdraft facilities with Handelsbanken (SEK 100m) and Nordea (SEK 30m). These facilities are extended on a yearly basis.
Kinnevik has no official credit rating and has no history of credit rating.