STOCKHOLM, Sweden, May 14, 2003 (PRIMEZONE) -- Industriforvaltnings AB Kinnevik (Nasdaq:KVIKA) (Nasdaq:KVIKB) today announced that it had completed a major refinancing of its banking facilities. The majority of the funds are being used to refinance both short and medium term bank facilities.
The Kinnevik parent company has refinanced SEK 3,175 million of existing facilities with a SEK 1,500 million five year loan and a SEK 500 million three year loan from Svenska Handelsbanken, a SEK 750 million five year loan from Nordea and a SEK 425 million three year loan from Toronto Dominion. These loans complement existing bank facilities totaling SEK 301 million, which remain in place.
Wholly owned Kinnevik operating subsidiary, Korsnas AB, has refinanced its existing SEK 1,800 million bank facility by means of a SEK 2,500 million long term syndicated loan. The facility has been coordinated by the Bank of Nova Scotia, and provided by a syndicate of leading international banks comprising the Bank of Nova Scotia, Den norske Bank, Handelsbanken, SEB, Nordea and Credit Agricole Indosuez. The five year loan matures in 2008 and complements existing bank facilities totaling SEK 2,300 million, which remain in place.
Kinnevik's net interest bearing debt totalled SEK 6,712 million at 31 March 2003. After the signing of the above agreements, Kinnevik's total facilities including overdrafts amounted to SEK 8,276 million, of which SEK 305 million is short term.
For further information, please contact: Vigo Carlund, CEO, Industriforvaltnings AB tel: +46 8 5620 0000 Kinnevik Henrik Persson, Investor & Press Relations tel: +44 (0) 7747 822 406
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