Sweden’s ICA Gruppen has signed a new credit facility worth SEK 22.5 billion (€2.12 billion) with Murgröna Holding AB.
The move is the ‘first step’ in refinancing the bridge financing of SEK 39.5 billion (€3.7 billion) secured by Murgröna in connection with the public takeover offer for ICA Gruppen made on 10 November 2021, the Swedish company noted.
The facility encompasses two loans for Murgröna, worth SEK 8.75 billion (€820 million), each with maturities of three and four years, respectively.
It also includes a revolving credit facility of SEK 5 billion (€470 million) for ICA Gruppen and Murgröna, with a maturity period of four years.
The retail group intends to merge Murgröna into ICA Gruppen in the fourth quarter of 2022.
ICA Gruppen added that it may potentially guarantee the rest of the bridge financing in Murgröna until the completion of the merger.
The new credit facility has been arranged by Handelsbanken Capital Markets and Skandinaviska Enskilda Banken AB (publ), who served as coordinators and bookrunners.
The credit facility has been provided by ICA Gruppen’s relationship banks, which include Svenska Handelsbanken AB (publ), Skandinaviska Enskilda Banken AB (publ), Danske Bank A/S, DNB ASA (Sweden Branch), and Swedbank AB (publ).