On September 15, 2017, the Board of Directors of ADDvise Group AB (publ) resolved to make an offer to the public for subscription of MSEK 100 bonds with a maximum bond limit of MSEK 240. For this reason, the ADDvise Group has prepared a prospectus, which has been approved and registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is now available on our website: www.addvisegroup.se.
Background and reasons
The purpose of the offer is to refinance the company’s existing bond loan of MSEK 87 and to enable further acquisitions.
ADDvise Group AB is a leading provider of equipment for healthcare and research units. The Group consists of a dozen subsidiaries organized into two business areas, Lab and Healthcare. Sales are done globally. The Group has a clear acquisition strategy aimed at raising shareholder value and expanding its operations – both in terms of geography and products. Complementary acquisitions are one of the cornerstones of the ADDvise Group. The acquisition strategy is clear and established. Potential acquisition candidates are companies that are operating in one of the Group’s two business areas and will strengthen the market presence of ADDvise Group.
The offer in brief
• The bonds have a maturity of 5 years and the bond loan will be repaid in October 2022.
• The bonds run at a fixed annual nominal interest rate of 7.25 percent. Interest payments are made quarterly in arrears.
• Security for the bond loan are shares in the subsidiaries Hettich Labinstrument and Surgical Tables Inc.
• The refinancing is expected, given the same loan amount as existing bond loans, to reduce the annual interest expense by approximately MSEK 2.4 from January 1, 2018.
• The bonds are issued at a nominal amount of SEK 10,000 per bond. Minimum subscription is one (1) bond and multiples of SEK 10,000 thereafter in.
• The subscription period of the Offer will run from September 18, 2017 through October 6, 2017.
• The bonds are freely transferable and ADDvise Group has applied for the bond loan to be listed on the corporate bond list at Nasdaq Stockholm. Estimated first day of trading is October 13, 2017.
Terms of offer
On September 15, 2017, the Board of Directors of ADDvise Group resolved to issue a bond loan denominated in Swedish kronor of MSEK 100 as of October 10, 2017 as the date of issue. The Board of Directors are entitled to withdraw the offer or issue bonds at a lower or higher amount than MSEK 100. The company may allocate bonds in excess of MSEK 100 in the event of an oversubscription of the offer, and in case the Board of Directors considers that, at the time of the allocation, or in connection therewith, there are favorable acquisition opportunities.
The bonds issued under the offer are issued at a nominal value of SEK 10,000 per bond. Minimum subscription under the bond loan is one (1) bond and thereafter in multiples of SEK 10,000 (corresponding to one (1) bond). The nominal amount of the bonds, the interest rate, subscription price and subscriptions in the offer have been determined by the company’s board of directors.
The subscription period of the offer will run from September 18, 2017 through October 6, 2017. The Board of Directors of the ADDvise Group is entitled to extend the subscription period. However, the Board of Directors is entitled to close the issue in advance, even if the issue is not fully subscribed. Notification of subscription shall be received by Mangold Fondkommission no later than 15:00 on October 6, 2017. Customers of Avanza can subscribe through Avanza’s internet services. Notification of subscription shall be received by Avanza no later than 15:00 on October 6, 2017.
Prospectus and preliminary timetable
For full details of the offer, please refer to the Prospectus, which has today been approved and registered by the Swedish Financial Supervisory Authority. Prospectus and application forms are available at the ADDvise Group’s website, www.addvisegroup.se, at the Avanza Bank website, www.avanza.se and at the Mangold Fondkommission website, www.mangold.se. The prospectus will, within a few days, be available on the Swedish Financial Supervisory Authority’s website, www.fi.se.
• Subscription period: September 18, 2017 – October 6, 2017
• Publication of outcome in the offer: around October 10, 2017
• Estimated date of settlement: October 12, 2018
• Estimated first day of trading on Nasdaq Stockholm: October 13, 2017
The board of Directors of the Company is entitled to extend the subscription period. However, the Board of Directors is entitled to close the issue in advance, even if the issue is not fully subscribed.
Financial and legal advisors
Avanza Bank and Mangold Fondkommisison are the financial advisors and Baker McKenzie is the legal advisors to ADDvise Group.
For further information, please contact:
Rikard Akhtarzand, CEO
+46 765-25 90 71
This information is by ADDvise required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on September 15, 2017 at 08:50 CET.
About ADDvise Group
ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business – both geographically and product wise. The Group has sales of about 250 MSEK. ADDvise shares are listed on Nasdaq First North Premier and Mangold Fondkommission AB, 08-503015 50, is the Company's Certified Adviser. Additional information is available at www.addvisegroup.com.