# Calviks Issues SEK 650M Bonds for Norwegian Acquisitions and Refinancing

- URL: https://stocks.freetheai.org/news/calviks-issues-sek-650m-bonds-for-norwegian-acquisitions-and-refinancing-05e062
- Published: 2026-10-12T05:30:00Z
- Category: mergers; sentiment: mixed; impact: high
- Symbols: [OMXSTO:CALVIK](https://stocks.freetheai.org/symbols/OMXSTO-CALVIK)
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Calviks AB (publ) (CALVIK) has issued SEK 650 million in senior secured bonds maturing in three years with an interest rate of 3-month STIBOR plus 8%. The company will use the proceeds to refinance existing obligations and complete the acquisition of five Norwegian businesses. The transaction sits within a broader bond framework allowing up to SEK 1.2 billion for prospective expansion across the Nordic region. Shares of Calviks traded down 2.87% today to 67.8 SEK.

The deal significantly lowers borrowing costs compared to the company's previous effective interest rate of 19.5%. Even though total debt is more than doubling, annual interest expense is expected to increase by only about SEK 8 million because of the lower coupon margin. The five acquisitions are set to contribute roughly SEK 119 million in annual EBITDA, elevating pro forma annual revenue to just over SEK 3.5 billion and pro forma EBITDA to SEK 231 million, placing the company ahead of its 2027 targets.

Going forward, key factors to monitor include the successful closing of the five acquisitions, the integration of operations, and improvements in debt leverage and free cash flow under the restructured financing terms.

## Key points

- Calviks AB issued SEK 650 million in 3-year bonds at 3M STIBOR plus 8%.
- Proceeds will refinance debt carrying a 19.5% effective rate and fund five Norwegian acquisitions.
- The acquisitions add SEK 119 million in annual EBITDA, bringing pro forma EBITDA to SEK 231 million.
- Annual interest expenses will rise by about SEK 8 million despite debt more than doubling.
- Pro forma annual revenue exceeds SEK 3.5 billion, moving performance ahead of 2027 targets.

## Questions and answers

### Why is Calviks AB issuing SEK 650 million in new bonds?

Calviks AB is issuing senior secured bonds to refinance higher-cost debt and fund the acquisition of five Norwegian companies.

### How will the acquisitions impact Calviks' financial performance?

The acquisitions will add roughly SEK 119 million in annual EBITDA, pushing pro forma annual revenue past SEK 3.5 billion and total pro forma EBITDA to SEK 231 million.

### What is the interest rate on Calviks' new bond issue?

The three-year senior secured bonds carry a coupon of 3-month STIBOR plus 8%, which is lower than the company's prior effective interest rate of 19.5%.