The Group’s net debt, excluding pension liabilities and ICA Bank, amounted to SEK 9,190 million at 31 December 2013. In May 2013 a new issue was carried out with preferential rights for existing shareholders amounting to around SEK 5 billion. The proceeds of the new issue were used to repay parts of the bridge financing. In June 2013 ICA Gruppen also issued bonds for SEK 5 billion under the Company’s MTN programme. The proceeds of the bond issue were used to repay parts of the bridge financing. In December 2013 ICA Gruppen issued preference shares in ICA Fastigheter Sverige AB for SEK 3 billion and raised a bilateral loan with Svensk Exportkredit for an additional SEK 1 billion. At the end of 2013, the Group’s bridge loans had decreased to SEK 2.3 billion. The remaining bridge loans will be replaced with other debt financing in 2014. At 31 December 2013 the Group’s net debt amounted to 2.1 times EBITDA (calculated on pro forma EBITDA on a rolling 12 month basis).