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On offer will be €1.15bn of secured notes and €1.27bn-equivalent of unsecured. The latter will be split between a euro tranche and a Swedish krona tranche.
The other elements of the funding package are a €2bn term loan 'B', and a €700m revolving credit facility, undrawn at closing, which were launched last week.
The size of the RCF is a big step up in firepower from the €300m existing facility, which will be cancelled. But this partly reflects the overall growth in the company since the old RCF was signed in 2015. According to investor marketing, the company had around 2m customers then but now has more than 3.6m. Annual...