14.4.2020

Open Dialogue Is the Key to Weathering a Financing Crisis

The global emergency and economic downturn are posing serious financing challenges to many companies. The best way to weather this crisis is to take an active and open approach to avoiding and dealing with the fallout of these challenges.

The first thing on any company’s to-do list should be securing liquidity. Many companies are preserving their cash assets and looking to cash in whatever assets they can.

Many companies are also taking a hard look out outgoing cash flows. Excess costs are being eliminated and planned investments are being postponed. A simple but good piece of advice is to pay close attention to your invoicing and maintain a rapid circulation of invoices, as this can help reduce your credit loss risk. You can also negotiate with your financiers on postponing loan payments.

When in the middle of the storm, it is important to still try to take a long view. If ever there was a time to analyse your company’s financing agreements and how they will be impacted by changes in your operating environment, it is now. As your top priority, I would advise checking what kind of financial covenants are in your loan agreements—and whether you will be able to comply with them. Depending on your covenants, 2–3 bad months now could continue to cast a shadow well into next year.

Maintaining an open dialogue with your financiers will improve your company’s ability to make it through this crisis. When your financiers have a clear picture of situation, it will be easier for them to see any problems in advance and agree on what to do. Maintaining trust is the key.

It is important to remember—just as in the financial crisis—that trying to hide things helps no one. If you were already having trouble in your business, you have to face up to that and resist the urge to fold them into any problems caused by the coronavirus pandemic. The few weeks of experience we’ve now had has already proven that this is the best way forward.

Latest references

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.
Case published 4.9.2026
We advised Aspo Plc, ESL Shipping Ltd and AtoBatC Shipping AB in relation to finance matters in connection with the demerger of Aspo, by which all the shares in ESL Shipping Ltd held by Aspo, together with the related assets and liabilities, will be transferred to a new independent company to be named ESL Shipping Group Plc. Aspo intends to apply for the shares of ESL Shipping Group to be admitted to trading on the regulated market of Nasdaq Helsinki. It is further intended that Aspo be renamed Telko Group Plc. 
Case published 19.8.2026
We acted as Finnish law legal adviser to the lenders and the export credit agencies in connection with the EUR 514.4 million green project financing for the development and construction of Easpring Finland New Materials Oy’s cathode active material (CAM) manufacturing plant in Kotka, Finland. The borrower, Easpring Finland New Materials Oy, is a joint venture owned by Beijing Easpring Material Technology, Finnish Minerals Group and LG Energy Solution. The financing was provided by six international commercial banks, with Société Générale acting as financial adviser and mandated lead arranger together with Natixis as co-mandated lead arranger, and DNB, ICBC, ING and Standard Chartered participating as lenders, with support from the export credit agencies Finnvera and Sinosure. The project represents a significant milestone for Finland and the European battery value chain by strengthening Europe’s domestic supply of cathode active materials, a key component in lithium-ion batteries for electric vehicles and energy storage applications. Once the first phase of the project is operational, the Kotka facility is expected to produce approximately 60,000 tonnes of cathode active material annually, making it one of the largest CAM production plants in Europe and supplying leading battery manufacturers across Europe. 
Case published 21.7.2026
We advised Swedbank AB (publ) on the refinancing of a large Finnish retail real estate portfolio owned by Trophi’s Finnish subsidiaries. Trophi is the leading Nordic real estate company focusing on grocery anchored retail properties, with 278 properties across Sweden and Finland. Finland is a market that continues to develop and is also strategically important for Trophi, accounting for approximately 30% of Trophi’s letting and property value.
Case published 17.7.2026