Kinnevik AB, the second largest tech investor in Africa said it has sold a bond worth SEK1 billion.
The bond was sold to the Swedish market only, the headquarters of the tech investor with about 44% stake in Konga and former owners of DealDey before it was sold to Ringier and Silvertree.
KInnevik said the bond has a final maturity of five years and a floating rate coupon of the three-month STIBOR plus 1.10 percent. In order to hedge the interest rate risk, Kinnevik has entered into an interest rate swap agreement whereby it will pay a fixed annual interest rate of 1.495 percent on the full SEK 1bn.
The bond is issued under Kinnevik’s Medium Term Note (“MTN”) Programme established in February 2017 with a framework amount of SEK4 billion.
Kinnevik AB is a co-investor alongside Rocket Internet on major tech startups, many of whom have not started turning in profit.
Efritin, a classified site that folded up in January 2017 was majorly owned by Kinnevik.