Carnegie transactions


 

 

Case study Sanitec

Carnegie acted as joint book-runner in the IPO of Sanitec on Nasdaq OMX Stockholm. Sofia IV S.a.r.l., indirectly controlled by EQT, sold 60 million shares (including overallotment option) in a SEK 3.7 billion transaction. The IPO, being the largest in Sweden since Lindab 2006, attracted strong interest from both Swedish and international institutional investors. The base deal size (including overallotment option) was covered already on the first day of book-building. Continued strong momentum, with an impressive level of order conversions from the management road show, allowed the vendor to reach maximum deal size of 60 million shares, corresponding to 60% of the share capital. The offering was several times oversubscribed and priced at SEK 61 a share, which was in the upper range of the SEK 54-66 price range. The trading debut offered a nice 6% price increase on the first day of trading.

Carnegie, acting in the capacity as book-runner, engaged no less than three analysts in premarketing who met with more than 130 institutional investors ahead of the offering. Widespread premarketing laid ground for a successful transaction, by teaching the Sanitec case to investors as well as collecting vital market feedback. Carnegie’s global sales force was also instrumental in book-building, attracting demand from Nordic investors as well as internationally in Europe and the US. Carnegie is proud to have contributed to the successful debut of Sanitec on the Stockholm stock exchange.

Case study Hoist Finance

Carnegie sole advisor to Hoist Finance in SEK 750 million senior unsecured bond issue

Following the successful issue of SEK 350 million in Tier-2 capital in August 2013 to strengthen the capital base of Hoist Finance, Carnegie was sole advisor in the private placement of SEK 750 million in senior unsecured bonds in December 2013. The bond offering was the first capital market loan issued by Hoist Finance and represents an important step in the diversification of the Company’s funding base. The bond was structured as a three-year FRN (Floating rate note) with quarterly interest payments. Following strong demand from Swedish and international institutional investors, the bond was priced at STIBOR 3M + 375 basis points. Carnegie Credit research issued a “BB” credit rating on the Company.

Hoist Finance is a leading Pan-European financial services provider specializing in the purchasing and management of non-performing consumer loans (NPLs). With operations in nine European countries, about 900 employees and a track-record of purchasing and collecting on over 1,300 NPL portfolios during last 19 years, Hoist Finance has become a trusted debt restructuring partner to the large global banks and financial institutions. During the first nine months of 2013, Hoist Finance continued its strong growth, reporting SEK 1,122 million in gross collections (SEK 646 million during Jan-Sep 2012) and an EBIT of SEK 212 million (SEK 154 million). During the first nine months of 2013, Hoist Finance acquired debt portfolios for approximately SEK 1.9 billion and the carrying value of purchased debt at the time of the issue amounted to approximately SEK 6.0 billion.

Using Carnegie’s extensive experience and DCM capabilities, the transaction was executed in an extremely tight time table – two months from kick-off to closing of the books. With Hoist Finance being a first time issuer and investor education being instrumental to the success of the transaction, Carnegie marketed the company extensively during the two months leading up to the transaction. Over 40 one-on-one investor meetings was held in three countries during pre-sounding and book-building. The book was closed two days ahead of schedule following strong demand and over 85% of demand was allocated to institutional investors.

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