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Kungsleden raises 1.64B Swedish kronor from rights issue

Kungsleden AB logged a roughly 98.1% take-up in its rights issue to raise approximately 1.64 billion Swedish kronor, before costs.

The subscription period for the one-to-five issue ended March 24 and a total of 35,696,520 ordinary shares were subscribed to at 45 kronor apiece. The new ordinary shares will begin trading on Nasdaq Stockholm around April 11.

The company received application for subscription without subscription rights for 48,291,345 million ordinary shares, corresponding to approximately 132.7% of the total rights issue. As a result, Gösta Welandson and companies will not be utilizing an underwriting commitment.

Following the rights issue, Kungsleden's share capital will increase by approximately 15.2 million kronor to 91.0 million kronor and the number of ordinary shares will increase by 36,400,550 to 218,403,302, according to a news release.

ABG Sundal Collier, Kempen & Co. and SEB Corporate Finance are the joint global coordinators and joint book runners for the rights issue. Mannheimer Swartling Advokatbyrå is the legal adviser.

As of March 28, US$1 was equivalent to 8.78 Swedish kronor.