Genova Property has issued SEK350 million in senior unsecured green bonds under a SEK600 million framework, while undertaking buybacks and early redemption of existing green bonds.
Key Overview:
- New green bonds: SEK350 million
- Framework: SEK600 million
- Maturity: January 2031
- Interest rate: Three-month Stibor + 350 basis points
- Existing bonds tendered: SEK172.5 million
- Additional bonds bought back: SEK50 million
- Expected settlement: September 4, 2026
Genova Property Issues SEK350 Million Green Bonds
Property company Genova Property has issued senior unsecured green bonds totaling 350 million kronor under a 600 million framework.
The bonds carry an interest rate of three-month Stibor plus 350 basis points and mature in January 2031, according to a press release.
The new issuance forms part of Genova’s efforts to optimize its capital structure, extend its funding maturity and lower financing costs.
At the same time, holders have accepted a buyback of existing bonds with a nominal amount of SEK 172.5 million.
Genova also announced that it has bought back bonds in another loan totaling SEK 50 million.
Existing Green Bonds to Be Redeemed
Genova has completed a tender offer for its existing senior unsecured green bonds with ISIN SE0022725636, which had an outstanding amount of SEK550 million.
The tender offer expired at 16:00 CEST on 25 August 2026, with holders accepting to tender bonds corresponding to a total nominal amount of SEK172.5 million.
Settlement for the new green bonds and the tender offer is expected to occur on 4 September 2026.
Genova has also sent a conditional notice of early redemption to all holders of the outstanding bonds.
All remaining outstanding bonds will be redeemed early, conditional upon Genova receiving the proceeds from the issue of the new green bonds.
If the condition is fulfilled, the redemption date will be September 18. The bonds will be redeemed at an amount equal to 101.245 percent of nominal plus accrued interest.
Genova Targets Lower Financing Costs
The transactions are part of Genova’s broader capital structure optimization strategy.
CEO Michael Moschewitz said: “We continue to work on optimizing Genova’s capital structure and lowering our financing costs.”
During August, Genova issued green bonds totaling 450 Mkr and hybrid bonds totaling 250 Mkr at an average credit margin of 3.8%.
At the same time, green bonds totaling SEK 449 million will be redeemed and an additional SEK50 million bought back. These carry an average credit margin of 4.2%.
According to Moschewitz, the transactions strengthen the balance sheet, extend the funding maturity and will have a clear positive effect on the company’s net financial items.
The new SEK350 million green bond issuance therefore forms part of a wider refinancing and liability-management strategy rather than being an isolated funding transaction.
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Green Bond Framework Supports Financing Strategy
The new bonds have been issued under Genova’s SEK600 million green bond framework.
Green bond financing allows the company to raise capital through debt instruments linked to eligible green investments, while supporting its broader financing strategy.
The new bonds are senior unsecured securities, providing Genova with additional long-term funding through a maturity extending to January 2031.
The company is simultaneously reducing existing higher-margin debt through the tender offer, early redemption and additional bond repurchases.
Together, these measures are intended to improve the structure and cost of Genova’s financing.
Debt Management and Balance Sheet
Genova’s latest transactions will result in the redemption or repurchase of existing green bonds while adding new financing with a longer maturity.
The company has accepted SEK172.5 million of existing bonds through the tender offer and has separately bought back SEK50 million of bonds in another loan.
The remaining existing bonds are subject to the conditional early redemption notice.
Genova expects the transactions to extend its funding maturity and reduce its average financing costs.
Management also expects the lower financing costs to have a positive effect on the company’s net financial items.
The transactions come as Genova continues to focus on optimizing its capital structure and maintaining access to financing through green and hybrid bond markets.
Outlook
Genova’s latest green bond issuance provides SEK350 million of new senior unsecured financing, while the associated tender offer, early redemption and additional buyback allow the company to reduce existing debt.
With the new bonds maturing in January 2031, the transaction also extends the company’s funding profile.
The settlement of the new green bonds and tender offer is expected on September 4, while the conditional early redemption of the remaining outstanding bonds is scheduled for September 18, subject to receipt of the new bond proceeds.
FAQs
1. How much did Genova Property raise through the new green bonds?
Genova Property issued senior unsecured green bonds totaling SEK350 million under a SEK600 million framework.
2. When do the new Genova green bonds mature?
The new green bonds have a maturity in January 2031 and carry three-month Stibor plus 350 basis points.
3. How much of Genova’s existing bonds were tendered?
Holders accepted the tender offer for existing bonds with a total nominal amount of SEK172.5 million.
4. Why is Genova refinancing its debt?
The company says the transactions are intended to optimize its capital structure, lower financing costs, extend funding maturity, strengthen the balance sheet and improve net financial items.
Sources: Market Screener, TipRanks, Cision News, The Globe and Mail
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