NENT Group closes €56m bond issue
February 21, 2022
NENT Group has raised SEK 600 million (€56.4m) by issuing 4-year unsecured bonds to more than 20 Nordic investors.
The issue has been made within the framework of NENT Group’s established SEK 4 billion medium term note (MTN) programme, and comprised SEK 600 million of notes with a floating interest rate of STIBOR 3 milion +1,30 per cent and maturing on February 24th 2026. The bonds are listed on Nasdaq and the proceeds will be used to refinance existing loans and for general corporate purposes.
DNB, Nordea and Swedbank have advised NENT Group on the issue. The total outstanding value of NENT Group’s bonds under the MTN programme is now SEK 2,900 million, with an increased weighting towards long-term maturities. NENT Group had a net cash position of SEK 2,059 million at the end of 2021.
Åsa Regen Jansson, NENT Group Acting CFO, commented: “We are happy with the outcome of this bond issue and that we have attracted a wide range of high-profile investors. The issue is part of our well-balanced funding strategy that aims to maintain our long-term funding profile. We are in a net cash position and have a diverse and committed range of facilities to fund NENT Group efficiently moving forward.”