AINMT Scandinavia Holdings AS - underwritten bank facilities and contemplated NOK bond issue
Oslo, 8 March, 2017 - AINMT AINMT Scandinavia Holdings AS ("AIMNT" or the "Company") announces underwritten bank facilities with DNB Bank ASA (subject to certain conditions precedent) comprising senior secured facilities of NOK 800 million. Furthermore, the Company has an additional underwritten facility of NOK 600 million which may be drawn for organic and inorganic growth purposes, subject to certain conditions going forward. With tenors of 4-5 years, the facilities provide a robust and flexible financing platform for AINMT going forward.
As a part of the refinancing, the Company contemplates to issue NOK 800 million of floating rate senior unsecured bonds with a 5 year tenor in the Nordic bond market, subject to inter alia market conditions.
Prior to closing of bank facilities and bond issue, AINMT Holdings AB commits to inject NOK 830 million in equity or sub-ordinated loans into AINMT Scandinavia Holdings AS ("Scandinavia"). This figure includes an amount of NOK 400 million already contributed as a subordinated loan into Scandinavia following the NOK 800 million AINMT AS share issue in Q416. In addition to the injections of capital into the Scandinavian operation, AINMT Holdings AB has invested additional capital into its International operation in order to increase ownership in Indonesia and secure funding for swapping the network to LTE. Following these injections, AINMT Holdings AB will retain a cash position of approximately USD 40 million at the AINMT Holdings AB level earmarked for further International growth.
AINMT has mandated DNB Markets and Pareto Securities to arrange the contemplated bond issue, including fixed income investor meetings commencing on 8 March.
In conjunction with the contemplated bond issue, the Company may offer a conditional buy-back of its SEK denominated bonds maturing in March 2019 (ISIN NO 0010705601, the "SEK Bonds").
Subject to completion of the above financings, AINMT will issue a call notice for the SEK Bonds (the current prevailing call price is 103.90% of par value).
For further information, please contact:
Investors: Johan Michelsen, CFO, AINMT Holdings AB, +47 410 87 000
Media: Endre Aaberg Johansen, Corporate Communications AS, tel: +47 41 61 06 05, email: email@example.com.
DNB Markets, +47 24 16 90 30
Pareto Securites, +47 22 87 87 70