SEB
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REG
SEB issues Additional Tier 1 Capital (AT1) to optimise its capital structure. The USD 500m issuance has a coupon of 6.75 per cent and an issue price of 100 per cent.
The loan is perpetual but SEB has the option to redeem the loan after seven years (4 November 2031), and any time thereafter. The issuance is in the form of a debt instrument with automatic conversion into Class A shares if the Common Equity Tier 1 ratio of SEB falls below a certain level.
The issuance of AT1 capital is part of SEB’s capital planning.
The issuance will be subscribed and allotted to the joint lead managers. The settlement date is 4 November 2024. The instrument will be listed on Euronext Dublin.