On 11 September 2019, Batteriet K/S, BGE Viborg A/S and Bach Gruppen A/S (collectively “Bach Gruppen”) raised DKK 520m in a new senior loan from AP Pension (a blue chip Danish pension fund). The loan was facilitated via a structured auction process, where ABG Sundal Collier tested interest among more than 75 lenders. Multiple blue-chip lenders were interested in providing the entire loan and after extensive negotiations with several lenders, an agreement was entered into with AP Pension. The obtained interest rate is in the low end of the interest interval that ABG Sundal Collier indicated to Bach Gruppen back in March 2019 prior to being engaged. The DKK 520m loan will be used to partly re-finance existing loans in Bach Gruppen, as well as used to partly finance the remaining development of the Bryggens Bastion site in Copenhagen, where some 125,000m2 of properties are to be constructed.
ABG Sundal Collier acted as sole arranger to Bach Gruppen. This transaction is the third direct lending transaction that ABG Sundal Collier has assisted Bach Gruppen with during the last five years.