GN Store Nord A/S Raises DKK 2.75 Billion in Successful Directed Share Issue and Private Placement

On 24 May 2023, GN Store Nord A/S ("GN") announced the launch of a private placement of up to 13,719,337 new shares and up to 3,600,000 existing shares, at a price to be determined through an accelerated book-building process. The pri-vate placement, which was completed on 25 May before market open, was priced at DKK 160 per share. 

GN intends to use the net proceeds from the placement to prepare for repayment of approximately DKK 7 billion debt that matures in 2024. On the same date of the launch of the private placement, GN announced that it had signed a term sheet for the purposes of replacing an existing EUR 520 million term loan expiring in 2025 with a new EUR 800 million term loan facility expiring in 2026.

Kromann Reumert has assisted BNP PARIBAS, Danske Bank A/S, DNB Markets, a part of DNB Bank ASA, J.P. Morgan SE, Nordea Danmark, filial af Nordea Bank Abp, Finland, and Skandinaviska Enskilda Banken, Danmark, filial af Skandi-naviska Enskilda Banken AB (publ), Sverige, who acted as Joint Global Coordinators and Joint Bookrunners in connection with the private placement. 

About GN 

GN (Nasdaq: GN) is a Danish company offering medical and audio solutions with brands such as Resound and Jabra. The group consists of its hearing and audio businesses. GN Hearing offers hearing aids competing globally with Sonova, Demant and WS Audiology. GN Audio provides headsets and speakerphones to the enterprise and consumer market. GN also entered the market for premium software-enabled gaming gear with their acquisition of SteelSeries in 2021.

Originally established as "Det Store Nordiske Telegraf-Selskab" (In English: "The Great Northern Telegraph Company") in 1869, GN used to be one of the leading international telegraph companies with a globe-spanning network consisting of tens of thousands kilometres of cables.