12.3.2025

OP Corporate Bank Real estate financing arrangement

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We advised OP Corporate Bank plc in a real estate financing arrangement relating to DHL Express logistics centre under construction near Helsinki Airport.

In the arrangement Nrep (acting on behalf of NSF III Fund) and Pontos Group acquired Finavia’s stake of DHL Express logistics centre under construction. LEED Platinum certification will be applied for the project, and as a result of the certification, the facility is contemplated to qualify as a green loan after the construction completion date.

Latest references

We advised Nordea Bank Abp in the EUR 150 million new green financing for Lahti Energia Oy to support investments promoting a clean transition and to refinance existing loans. Lahti Energia Oy’s green loan investments focus on solutions that reduce fossil carbon dioxide emissions and support sustainable development. Planned projects include electric boilers, district heating storage facilities, and investments in the development of energy networks.
Case published 1.7.2025
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.
Case published 24.6.2025
We advised Metsä Board Corporation on the issuance of senior unsecured green notes of EUR 200 million. The maturity of the notes is six years, and they mature on 28 May 2031.  The notes carry fixed annual interest of 3.875 per cent., and the issue price of the notes is 99.570 per cent. The notes were allocated to both Finnish and foreign investors. ‘We are delighted with the trust and interest shown by investors in Metsä Board’s first green bond. This arrangement extends the maturity of our financing and supports our strategy to grow in fibre-based packaging materials and renew our industrial operations. It also contributes to the achievement of our ambitious sustainability targets for 2030’, comments Henri Sederholm, CFO of Metsä Board. Danske Bank A/S and Skandinaviska Enskilda Banken AB (publ) acted as joint lead managers for the issue of the Notes.
Case published 27.5.2025
We advised Gasum in chartering a new LNG and bio-LNG bunker vessel. The vessel called Celsius will serve Gasum’s customers starting 2027. The investment is part of Gasum’s strategy to secure the availability of LNG and bio-LNG to its customers in the Northwestern European area as demand increases in the coming years. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Sirius is a Swedish shipping company founded by the Backman family. Sirius operates 11 product/chemical tankers and 2 LNG tankers and has a further 3 product/chemical tankers under commercial management.
Case published 11.3.2025