Swedavia issues SEK 3 billion of hybrid bonds and announces results of tender offer
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.
Swedavia AB (publ) ("Swedavia") has successfully issued a total of SEK 3 billion in subordinated hybrid bonds separated in two perpetual maturities with a first redemption option after 5 (the “NC5 Hybrid Bonds”) and 7 years (the “NC7 Hybrid Bonds”) respectively, and with a floating tranche on the NC5 Hybrid Bonds and a fixed and floating tranche on the NC7 Hybrid Bonds . The settlement date of the hybrid bonds is 19 November 2025.
In connection with the new issue Swedavia announces the results of the tender offer (the "Tender Offer") to the holders of the Issuer's outstanding SEK 2,300,000,000 subordinated hybrid bonds callable November 2026 with ISIN SE0015938345 and to the holders of the Issuer's outstanding SEK 200,000,000 subordinated hybrid bonds callable November 2026 with ISIN SE0015950290 (the "Securities"). The Tender Offer expired at 12:00 CET on 11 November 2025. Securities in an aggregate amount of SEK 2.35 billion have been validly tendered and accepted by Swedavia (of which SEK 2.15 billion pertains to ISIN SE0015938345 and SEK 200 million pertains to ISIN SE0015950290).
- Our hybrid bond issuance was oversubscribed, once again demonstrating a strong interest in Swedavia. The SEK 3 billion issuance, combined with our solid Baa1 (positive outlook) rating, provides us with continued favorable conditions to competitively finance the further development of our airports, says Kristina Ferenius, CFO Swedavia.
New hybrid transaction:
The coupon of the NC5 Hybrid Bonds was set at 3mS+170bps for the floating tranche of SEK 1,750,000,000. The coupon of the NC7 Hybrid Bonds was set at 3mS+220bps for the floating tranche of SEK 750,000,000 and at 4.815% for the fixed tranche of SEK 500,000,000. The orderbook consisted of approximately 80 unique investors and retrieved a larger than initially indicated volume. This generated a more attractive pricing for Swedavia in the new transaction.
Nordea Bank Abp (“Nordea”) and Skandinaviska Enskilda Banken AB (publ) (“SEB”) acted as Joint Bookrunners on the new hybrid transaction.
The tender offer:
The Issuer will complete the Tender Offer and the price for the Securities in the Tender Offer amounts to 101.897% of the nominal amount for the floating rate hybrid bond and to 100.506% for the fixed rate hybrid bond. The Issuer will also pay accrued and unpaid interest from, but excluding, the previous interest payment date until, and including, the settlement date for the Tender Offer. Settlement for the Tender Offer will occur on 19 November 2025.
Settlement of the Tender Offer will occur as secondary trades via Nordea. All tendering holders should coordinate their trade bookings with their local sales representative immediately. Securities tendered and accepted by Swedavia for purchase pursuant to the Tender Offer will be cancelled in accordance with the terms and conditions of the Securities
Nordea acted as sole dealer manager on the Tender Offer.
For further information about the transaction, please contact:
Dealer Manager and Joint Bookrunner:
Nordea
New issue:
dcmsweden@nordea.com
+46 8 407 90 75
Tender:
nordeaLiabilityManagement@nordea.com
+45 6136 0379
Joint Bookrunner
SEB
Swedavia:
Kristina Ferenius, CFO
kristina.ferenius@swedavia.se
010-109 00 00
This information is information that the Issuer is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on 13 November 2025, at 06:00 CET.
For further information, please contact the below:
Ellen Laurin, Deputy Head of Strategic Media Communications and Media Relations at Swedavia on +46 (0)10-109 01 00 or at press@swedavia.se.