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Sweden's Klövern closes 500M kronor of additional hybrid bond issuance

Klövern AB issued 500 million kronor of additional hybrid bonds at 100% of their nominal amount under its 1.50 billion-kronor hybrid bond loan framework.

The hybrid bond loan has a perpetual tenor and floating interest rate of the three-month Stockholm Interbank Offered Rate plus 600 basis points, with the bonds callable on June 21, 2023.

The Swedish real estate company had previously issued 800 million kronor of hybrid bonds under the program.

Nordea and Swedbank are the joint book runners for the issuance.

As of Oct. 15, US$1 was equivalent to 8.94 kronor.