eng

Refinancing and new credit facilities

6/4/2010 11:37 AM

Investment AB Kinnevik (publ) ("Kinnevik") today announced that the group has signed a number of financing agreements and prolonged existing credit facilities to the Parent Company and to the wholly owned subsidiary Korsnäs AB.

The group has, since 31 March, signed credit facilities totaling SEK 7,450 million, replacing former credit facilities of SEK 7,060 million. The new loan agreements consist of:

·        revolving credit facility (club deal) of SEK 4,000 million to Korsnäs with Crédit Agricole Corporate & Investment Bank, DnB Nor Bank, Nordea Bank, Skandinaviska Enskilda Banken, Svenska Handelsbanken and Swedbank as Mandated Lead Arrangers and DnB Nor Bank as Facility Agent;

·        term loan of SEK 600 million to Korsnäs from Nordea Bank partly secured by guarantee from the Swedish Export Credit Guarantee Board (Sw: Exportkreditnämnden);

·       term loan of SEK 600 million to Korsnäs from Svensk Exportkredit partly secured by guarantee from the Swedish Export Credit Guarantee Board;

·       extension of bilateral credit facility of SEK 1,500 million to Kinnevik from Svenska Handelsbanken with shares in Korsnäs as security; and

·       bilateral credit facility of SEK 750 million to Kinnevik from Skandinaviska Enskilda Banken with listed shares as security.

The group's interest-bearing net debt amounted to SEK 8,195 at 31 March 2010. Since 31 March the group has received dividends of SEK 2,685 million from Major Listed Holdings and paid dividend of SEK 831 million to Kinnevik's shareholders.

After signing of the above agreements, the group's total credit facilities amount to SEK 12,300 million with an average remaining duration of 3.7 years.

 

 For further information, visit www.kinnevik.se or contact:

Mikael Larsson, CFO +46 (0)8 562 000 70
  +46 (0)70 762 00 70
Torun Litzén, Director Investor Relations +46 (0)70 762 00 83

 

Investment AB Kinnevik's objective is to increase shareholder value, primarily through net asset value growth. Kinnevik manages a portfolio of investments focused around three comprehensive business areas; Major Unlisted Holdings which includes the cartonboard and paper company Korsnäs including shares in Bergvik Skog, Major Listed Holdings which includes Millicom International Cellular, Tele2, Modern Times Group MTG, Metro International and Transcom WorldWide, and New Ventures which is active in finding new investments in small and mid sized companies which has a significant growth potential. Kinnevik plays an active role on the Boards of its holdings.

The Kinnevik's class A and class B shares are listed on the NASDAQ OMX Stockholm's list for large cap companies, within the financial and real estate sector. The ticker codes are KINV A and KINV B.