24.6.2025

Boreo EUR 10 million convertible hybrid bond

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We advised on the issuance of a EUR 10 million equity-classified convertible hybrid bond by Boreo Plc to the Norwegian insurance company Protector Forsikring ASA.

The annual coupon interest on the bond is a fixed 4 percent until the reset date on 24 June 2030, after which the interest rate increases to 14 percent. The bondholders have the right to convert the principal amount into Boreo shares at a price of EUR 19 per share during a four-year period following the issuance.

The bond is not intended to be admitted to trading on a stock exchange or any other trading venue. It has no specified maturity date, and Boreo has the right to redeem it for the first time after four years from the issuance date.

‘We are very pleased to have completed the transaction, and with the confidence Protector has shown in the company. The arrangement supports the execution of our acquisition-driven growth strategy, strengthens the company’s financial position, and lowers financing costs,’ says Kari Nerg, CEO of Boreo.

OP Corporate Bank plc acts as the lead manager for the issuance of the convertible hybrid bond. Castrén & Snellman Attorneys Ltd serves as legal advisor to the transaction, and Legal Folks Ltd acts as Boreo’s legal advisor.

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