BEWI plans €325m bond refinancing, tenders existing debt

BEWI ASA announced plans to issue new floating rate senior secured bonds totaling €325,000,000, with an expected initial amount of €250,000,000 and a four-year tenor. The primary use of proceeds is to refinance its outstanding €250,000,000 senior unsecured bonds due 2026 and for general corporate purposes. DNB Carnegie and Nordea Bank Abp are mandated for the issuance.

In conjunction, BEWI is launching a Tender Offer for its existing 2021/2026 bonds, offering a purchase price of 101.40% plus accrued interest. This offer expires at 12:00 CEST on 4 September 2025, with settlement expected around 11 September 2025. Investors participating in the Tender Offer may be considered favorably for allocation of the New Bonds.

For any existing bonds not tendered, BEWI intends to conditionally exercise an early redemption option at a call price of 101.380% plus accrued interest, contingent on the successful issuance and receipt of proceeds from the New Bonds. This Early Redemption is anticipated to settle around 25 September 2025, with delisting from Nasdaq Stockholm to follow.