Funding

 MaturityCurrencyFacility amount
Capital markets funding   
Stand-alone Bonds2017SEK1 200m
Bonds under MTN Programme2022SEK1 400m
 2020SEK1 450m
MTN Programme (unutilized)-SEK/EUR1 150m
Commercial paper program-SEK2 000m
Credit facilities   
Syndicated bank facility2018SEK3 000m
Syndicated bank facility2021SEK3 000m
Overdraft facility2016SEK130m

 

Capital markets funding

Stand-alone Bond

In December 2012, Kinnevik issued senior unsecured bonds with a tenor of 5 years. The total nominal amount is SEK 1,200m of which SEK 200m has a coupon of 3.25% and SEK 1,000m pays three months STIBOR + 1.70%.

The terms and conditions entail standard clauses about change of control and negative pledge.

Presentation
Press release
Prospectus


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 4bn framework. 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 and DNB Bank ASA, filial Sverige.

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 May 2017, Kinnevik issued an additional SEK 1.45bn in bonds under the MTN Programme. The bonds have a tenor of three years, with SEK 500m bearing a floating rate coupon of three months STIBOR + 0.75% and SEK 950m bearing a fixed rate coupon of 0.635%.

Press release (MTN Programme)
Press release (March 2017 Bond Issue)
Press release (May 2017 Bond Issue and Tap 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 102 (May 2017 FRN Bond Issue, in Swedish)
Final Terms, loan 103 (May 2017 FXD Bond Issue, in Swedish)
Prospectus (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 2bn program. The commercial paper program is a complement to Kinnevik's core funding.

Dealers under the program are 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 6 banks – Crédit Agricole, DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. This facility matures in December 2018. 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 5 banks – DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. This facility matures in July 2021 but has two extension options that, if exercised in full, would extend the maturity date until July 2023. 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.