|Capital markets funding|
|Stand-alone Bond||2017||SEK||1 200m|
|Bond under MTN Programme||2022||SEK||1 000m|
|MTN Programme (unutilized)||-||SEK/EUR||3 000m|
|Commercial paper program||-||SEK||2 000m|
|Syndicated bank facility||2018||SEK||3 000m|
|Syndicated bank facility||2021||SEK||3 000m|
Capital markets funding
In December 2012, Kinnevik issued a senior unsecured bond 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.
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 a SEK 1bn bond under the MTN Programme. The bond has a tenor of five years and a floating rate coupon of three months STIBOR + 1.10%.
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.
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.
Kinnevik has overdraft facilities with Handelsbanken (SEK 100m) and Nordea (SEK 30m). These facilities are extended on a yearly basis.