EPS-accretive announcement
Pricer announced today that it is exploring the possibility of issuing new senior unsecured bonds. The initial expected value is SEK 250m within a framework of SEK 500m (3 years). The aim is to refinance the company's existing SEK 250m bonds with Ture Invest, issued in Q4'22 (four-year tenor) with an interest rate of STIBOR 3m + 6.875% (i.e. ~SEK 24m/year based on the current STIBOR 3m). The terms of the planned bond issue are not known, but assuming that the spread halves (i.e. 3m STIBOR ~3.5%), this would reduce annual interest payments by ~SEK 8m, which would be c. 6-4% accretive to our '24e-'25e EPS.
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