VNV has successfully placed a new senior unsecured bond worth SEK 850m. The proceeds will be used to refinance the existing outstanding bond maturing in January 2025. Slightly positive and secures near-term liquidity, but we view the refinancing as a bridge to an exit. We believe once/if the Gett transaction closes, VNV will most likely fully or partially redeem the new bonds. The closing of Gett is still pending approvals once/if completed, VNV will have a net cash position.
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