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Opus has successfully issued new Taxable Corporate Notes, commonly known as Letter of Credit (L/C) backed bonds, in the U.S. at a total value of USD 60 million. The proceeds from the transaction will be used mainly for the early redemption of the “SEK 500 million 2016/2021 bonds (ISIN SE0008374425)”, as communicated on January 4, 2019.
The L/C backed bonds of USD 60 million carry a variable short-term taxable interest rate, in line with LIBOR 7 days. The L/C backed bonds are guaranteed through a letter of credit issued by Swedbank AB (publ), New York Branch. The letter of credit has a maturity of three years and is extendable upon agreement. S&P Global Ratings has assigned long-term and short-term issue credit rating of “AA-/A-1+” for the L/C backed bonds. The maturity under the framework of the L/C backed bonds is 15 years. The bonds may be prepaid by Opus, in whole or in part, at no additional cost.
“The main purpose of the refinancing is to decrease Opus’ foreign exchange exposure and secure long-term financing at a favorable cost structure”, says Linus Brandt, CFO & Executive Vice President at Opus. “We appreciate the support of our banks, Swedbank and Svensk Exportkredit (SEK). Swedbank is backing the issuance of the L/C backed bonds, and, jointly with SEK, is sharing the existing USD 60 million term loan in the U.S.”
Gothenburg, January 24, 2019
Opus Group AB (publ)
For additional information, please contact:
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05
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