Mandate

If Skadeförsäkring Holding AB (publ) issues SEK 1 000 000 000 Tier-1

April 26, 2018 Banking and Finance

If Skadeförsäkring Holding AB (publ) has issued a subordinated loan in an amount of SEK 1 000 000 000.

The bonds are qualified to be included in the If group’s capital base as Tier-1 capital pursuant to the Solvency 2 framework. The bonds are perpetual instruments without a due date and without the right to premature redemption during the first 5 years. The nominal amount may, according to the terms and conditions of the bond, be either wholly or in part depreciated (permanently or temporarily) or converted to equity. The bonds are subject to a variable interest rate of 2.75 per cent above three-month STIBOR. The bonds have been listed on the Luxembourg Stock Exchange. 

If Skadeförsäkring Holding AB (publ) is the parent company within the If group and is owned, in turn, by the Finnish listed company Sampo plc.   

Vinge has advised If Holding as a result of the issuance of the loan whereas the arranging banks were represented by Clifford Chance as well as Hammarskiöld & Co. Vinge’s team consisted of, among other, responsible partner Fabian Ekeblad, Paulina Malmberg (project manager), Josefin Larsson (banking and finance), Isabelle Jengsell (banking and finance) and Maria Schultzberg (tax).

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