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 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 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%.

In November 2021, Kinnevik updated the prospectus for its MTN Programme to enable issuance of sustainability-linked medium term notes in accordance with Kinnevik's Sustainability-Linked Framework.

In November 2021, Kinnevik issued dual tranche SEK 2.0bn sustainability-linked bonds under the MTN Programme comprising a SEK 1.5bn tranche with a final maturity of five years, bearing a floating rate coupon of three months STIBOR + 0.70%. and a SEK 0.5bn tranche with a final maturity of seven years, bearing a floating rate coupon of three months STIBOR + 0.90%. The final redemption price of the sustainability-linked bonds depends on Kinnevik’s ability to meet the annual sustainability performance targets (“SPTs”) the company has set for its sustainability work. If Kinnevik does not achieve an SPT in any given year the redemption price will increase by 0.075 percent per SPT and year. The first measuring date for the SPTs will be 31 December 2022. More information about the SPTs can be found in Kinnevik’s Sustainability-Linked Financing Framework further down on this page.

Press release (February 2020 Bond Issue)
Press release (November 2021, Sustainability-Linked Bond Issue)

Final Terms, loan 105 (February 2020 FXD Bond Issue, in Swedish)
Final Terms, loan 106 (February 2020 FRD Bond Issue, in Swedish)
Final terms, loan 107 (November 2021, FRN 5-year Sustainability-Linked Bond Issue, in Swedish)
Final terms, loan 108 (November 2021, FRN 7-year Sustainability-Linked Bond Issue, in Swedish)

Prospectus (MTN Programme 2018, in Swedish)
Prospectus (MTN Programme 2019, in Swedish)
Prospectus (MTN Programme 2020, in Swedish)
Prospectus (MTN Programme 2021, in Swedish)
Prospectus (Sustainability-Linked MTN Programme 2021, in Swedish)
Prospectus (Sustainability-Linked MTN Programme 2022, 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 two sustainability-linked multi-currency revolving credit facilities amounting to SEK 2,500m each:

Provided by a group of six banks – Danske Bank, DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank. The two facilities mature in May 2024, with optional extension of up to two years each.

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.

Sustainability-Linked Financing Framework

In November 2021, Kinnevik published a Sustainability-Linked Financing Framework under which it can issue sustainability-linked securities, including bonds and loans. The Sustainability-Linked Financing Framework reinforces Kinnevik’s commitment to its sustainability targets, including reducing GHG emission intensity in its portfolio, and backing a more diverse group of founders and company leaders through its capital allocation targets.

Kinnevik’s Sustainability-Linked Financing Framework

CICERO Shades of Green and IISD’s Second Party Opinion

Q&A