Funding

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 2018, and in connection therewith the framework amount was increased from SEK 4bn to 6bn. 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 2017)
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 (MTN Programme 2017, in Swedish)
Prospectus (MTN Programme 2018, 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 5 banks –DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. This facility matures in July 2002. 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.

Overdraft facilities

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