Framtiden Public Housing Finance No. 5 AB (publ) is a wholly-owned subsidiary of Förvaltnings AB Framtiden. Founded in 2004, its sole purpose is to issue a bond loan on the international capital market. The loan, which is for €290 million, was issued in September 2004 and is subject to a floating rate of interest, Euribor + 0.15 per cent, which is set quarterly.
The funds raised, which were converted to SEK 2,700 million through a currency and interest swap, have been used to make loans to the housing companies in the Framtiden Group: Bostads AB Poseidon, Göteborgs stads bostads AB and Familjebostäder i Göteborg AB. The breakdown of the loans among these companies is as follows:
The funds borrowed are due to be repaid on September 21, 2009. There will be no amortisation during the loan period. The rate of interest for the loans is 4.384 per cent, paid on a quarterly basis and co-ordinated with the interest payments on the bond loan. The currency and interest swap agreement means that all interest and capital payments in SEK are equal to the amount to be paid in Euro for the bond loan.
Loans to the housing companies are secured through mortgages on the property holdings of each of the borrowing companies, the total amount of which is equivalent to the loan amount. Loan receivables with associated mortgages have been mortgaged as collateral for the bond loan. As further collateral for the bond loan, the bondholders have the option of taking over all shares in Framtiden Public Housing Finance No. 5 AB (publ) for SEK 1. This option is secured through mortgaging of the shares.
A liquidity facility of SEK 220 million, issued by Dexia Crédit Local through its branch in Stockholm, has also been linked to the liquidity facility.
The bond loan will in the first instance be redeemed in September 2009 in conjunction with redemption of the promissory note receivables when they fall due in September 2009. Failing this, the bond loan will continue until the receivables are redeemed or the collateral is sold and the proceeds therefrom used for the redemption of the promissory notes. In the event the bond loan is not redeemed on the receivables' due date, the interest on the bond loan shall be Euribor + 0.45 per cent until payment is made. The legal maturity date for the bond loan is September 21, 2017.
The bond loan is listed on the Stock Exchanges in Luxemburg and Stockholm.
Board: Carl-Johan Korsås and Arne Silvdahl
Managing Director: Carina Grönberg
Address: Framtiden Public Housing Finance No. 5 AB (publ), c/o Förvaltnings AB Framtiden, Åvägen 40, 412 51 Göteborg
In June 2009, Förvaltnings AB Framtiden signed an agreement with Statens Bostadsfinansieringsaktiebolag (SBAB) regarding a loan for SEK 2,700 million. The funds will be lent to the three large housing companies in the Group. Disbursement of this loan will take place in September this year. The funds will be used to refinance the bond loan raised by Framtiden Public Housing Finance No. 5 AB (publ) in 2004 for lending to the three larger housing companies in the Framtiden Group. This bond loan falls due for payment in September 2009 in conjunction with the repayment of the underlying loans by the housing companies.
2009
Interim Report Jan 1 to Jun 30
Portfolio Report Jan 1 to Mar 31
2008
Annual Report
Press Release Public Housing
Press Release Final Accounts
Interim Report Jan 1 to Aug 31
Portfolio Report Jan 1 to Jun 30
Portfolio Report Jan 1 to Sep 30
2007
Home Membership State
2006
Information from Shareholders Meeting
2005
2004
Förvaltnings AB Framtiden | Box 111, SE-401 21 Göteborg | Visiting address: Åvägen 40 | +46 31 773 75 50 | framtiden(a)framtiden.se
Parent Company in the Framtiden Group, wholly owned by the City of Gothenburg
