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Sweden's Klövern issues 800M kronor of hybrid bonds

Swedish real estate company Klövern AB issued 800 million kronor of hybrid bonds under a 1.50 billion-kronor framework.

The bonds carry a floating interest rate of the three-month Stockholm Interbank Offered Rate plus 600 basis points until the first call date, and will be callable June 21, 2023, and every subsequent interest payment date.

The company will use the proceeds of the offering for general corporate purposes.

Klövern originally planned on issuing up to 1.00 billion kronor of hybrid bonds, subject to market conditions.

Nordea and Swedbank acted as joint book runners for the offering.

As of June 14, US$1 was equivalent to 8.69 kronor.