case / 12 Dec 2016

Setterwalls advises Recipharm AB (publ) in connection with placing of SEK 1,000 million senior unsecured convertible bonds

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Setterwalls has advised Recipharm AB (publ) in connection with the placing of SEK 1,000 million senior unsecured convertible bonds. The bonds will be convertible into new Class B shares of Recipharm. The bonds will carry a coupon of 2.75 percent per annum, payable semi-annually in arrears on 6 April and 6 October in each year. The conversion price is set at SEK 181.955 which represents a 30 percent premium over the volume-weighted average price of the Recipharm Class B share on Nasdaq Stockholm between launch and pricing of the offering. The bonds will mature on 6 October 2021.

The Bonds were placed through a book building process with institutional investors outside the United States in reliance on Regulation S under the U.S. Securities Act and in accordance with applicable securities laws, rules and regulations. The convertible bonds are admitted to trading on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.

Crédit Agricole Corporate and Investment Bank and Jefferies International Limited acted as Global Coordinators and Joint Bookrunners on the Offering. Swedbank AB (publ) acted as Co-Lead Manager.

Setterwalls acted as legal advisers to Recipharm.

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