8.7.2014

Garantia Insurance Company Ltd and the Lead Managers – Issue of the First Rated Guaranteed Multi-Issuer Bond

Related services

We advised the guarantor Garantia Insurance Company Ltd and the lead managers Swedbank AB (publ) and Pohjola Bank plc in the issue of a EUR 70 million guaranteed multi-issuer bond, which is the first of its kind to be rated. The bond representing a new type of financing instrument for mid-market companies was marketed to and placed with Finnish and international institutional investors.

As in the first guaranteed multi-issuer bond issued in late 2013, family-owned enterprises were well represented in the issue, but as a new feature, the group of issuers also included two listed companies, CapMan Plc and Okmetic Oyj. Other issuers were EM Group Oy, Enfo Oyj, Keitele Forest Oy, Kuusakoski Oy, Lujatalo Oy and Terra Patris Oy. The allocated amounts between the participating companies are either five or ten million euros each. Both the guarantor Garantia Insurance Company Ltd (5 July 2013) and the guaranteed multi-issuer bond hold a Standard & Poor’s credit rating of A-.

This transaction like the transaction that was completed in late 2013 required again an innovative approach and good project management and coordinating skills from the legal adviser.

Our team

Latest references

NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement

We advised NoHo Partners Plc on the issuance of EUR 50 million senior secured floating rate notes. The notes have a tenor of four years and mature on 10 September 2030. The notes bear interest at a rate of three-month EURIBOR plus a margin of 4.375 per cent. per annum. The notes were allocated to a mix of domestic and international investors. We also advised NoHo Partners on the negotiation of its new senior facilities agreement. The facilities agreement comprises a EUR 60,000,000 term loan facility, a EUR 10,000,000 capex facility and a EUR 27,000,000 revolving credit facility. “We are delighted by the interest investors have shown in the company’s Notes, which reflects confidence in our strategy. The successful issuance of the Notes, together with the new loan agreement, extends the maturity profile of our financing and enables the company to continue executing its growth strategy going forward. I would like to thank all investors for their participation, as well as our partner bank for the excellent execution of the Notes issuance”, says Jarno Suominen, CEO of NoHo Partners. OP Corporate Bank plc acted as the sole lead manager and bookrunner for the issue of the notes. NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe.

Suominen Corporation – Rights Issue

We advised Suominen Corporation in connection with its rights issue. The offering was oversubscribed, and the company raised gross proceeds of approximately EUR 28 million. We also advised Suominen in connection with the renegotiation of the terms of the company’s three-year EUR 100 million syndicated credit facility, under which the maturity was extended and headroom was added to the financial covenants. “I would like to thank our shareholders for their support and confidence in Suominen’s future. The completion of the Offering will enable us to accelerate the implementation of our Full Potential Program while strengthening our capital structure. Our transformation particularly focuses on enhancing the reliability and efficiency of our production and supply, and on reinforcing our commercial capabilities, allowing us to better meet the expectations of our customers and shareholders”, comments Charles Héaulmé, President and CEO of Suominen. Suominen is a nonwovens manufacturer operating in global markets. Suominen creates value by taking fiber raw materials and turning them into nonwovens that the company’s customers convert into both consumer and professional end products. Suominen’s vision is to be the frontrunner for nonwovens innovation and sustainability. Suominen’s net sales in 2025 were EUR 412.4 million and the company has almost 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki.

Finnish Cultural Foundation – EUR 76 million secondary share sale in an accelerated book-building

We advised Finnish Cultural Foundation and Nordea, who acted as the Sole Bookrunner, in the sale of 3 million shares in Huhtamäki Oyj held by Finnish Cultural Foundation in an accelerated book-building. The shares represented approximately 2.8% of all shares in Huhtamäki Oyj. The aggregate selling price of the shares amounted to approximately EUR 76 million.

Huhtamäki – EUR 300 million bond and tender offer of bond maturing in 2027

We advised Huhtamäki Oyj on its issuance of a EUR 300 million 6-year senior unsecured bond under the EMTN programme and on the tender offer of its EUR 500 million senior unsecured bond maturing in 2027. The new bond bears interest at a fixed rate of 3.875 per cent per annum. Huhtamäki used the net proceeds from the issuance of the new bond for the partial repurchase of its bond maturing in 2027 and for general corporate purposes.

Search from the site.