Funding

 MaturityCurrencyFacility amount
Capital markets funding   
Bonds under MTN Programme2025SEK1 500m
 2022SEK1 400m
Credit facilities   
Syndicated bank facility2021SEK3 000m
Syndicated bank facility2022SEK429m
Syndicated bank facility2024SEK2 571m
Overdraft facility2020SEK130m

 

Capital markets funding

MTN Programme

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.

In February 2020, Kinnevik issued SEK 1.5bn in bonds under the MTN Programme. The bonds have a tenor of five years, with SEK 1,250m bearing a floating rate coupon of three months STIBOR + 0.80%. and SEK 250m bearing a fixed rate coupon of 1.058%.

Press release (MTN Programme 2017)
Press release (March 2017 Bond Issue)
Press release (February 2020 Bond Issue)

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 105 (February 2020 FXD Bond Issue, In Swedish)
Final Terms, loan 106 (February 2020 FRD Bond Issue, In Swedish)

Prospectus (MTN Programme 2017, in Swedish)
Prospectus (MTN Programme 2018, in Swedish)
Prospectus (MTN Programme 2019, in Swedish)
Prospectus (MTN Programme 2020, in Swedish)

Kinnevik AB Certificate of Registration

 

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

 

Credit facilities

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. In December 2019, Kinnevik extended the facility to 2024. All banks but Crédit Agricole accepted such extension. Consequently, SEK 429m matures in December 2022 and SEK 2,571m matures in 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.

Overdraft facilities

Kinnevik has overdraft facilities with Handelsbanken (SEK 100m) and Nordea (SEK 30m). These facilities are extended on a yearly basis.


Credit rating

Kinnevik has no official credit rating and has no history of credit rating.