Anna-Sofia Alahuita

OP Corporate Bank – Real estate financing arrangement

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.

12.3.2025

Gasum – Chartering a new bunker vessel

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.

11.3.2025

Tokmanni– Financing arrangement for Tokmanni Group Corporation

We advised Tokmanni Group Corporation, one of Finland’s largest retail trade companies, as the borrower in a EUR 325 million financing arrangement it entered into with a syndicate of Nordic banks. The financing arrangement includes a EUR 250 million bank loan and EUR 75 million revolving credit facility, which will be used for the purposes of refinancing existing debt and general corporate purposes. The financing arrangement has a maturity of three years with two one-year extension options.

22.1.2025

Metsäliitto Cooperative – A EUR 200 million sustainability-linked revolving credit facility agreement

We advised Metsäliitto Cooperative in relation to a new EUR 200 million sustainability-linked revolving credit facility with a syndicate of eight banks. This new credit facility refinances the existing EUR 200 million facility signed in December 2018 and will be used for general corporate purposes. The facility has a tenor of five years and includes two one-year extension options. The pricing mechanism of the revolving credit facility is linked to two of Metsä Group’s ambitious sustainability targets: Target 1: Zero tonnes of fossil carbon dioxide emissions, Scope 1 and 2, by 2030. Target 2: Share of certified wood in wood supply 100% by 2030. ‘Incorporating sustainability criteria into our financing further demonstrates the company’s strong commitment to actions that reduce our carbon footprint and mitigate climate change,’ says Vesa-Pekka Takala, EVP, CFO of Metsä Group.

16.1.2025

Commerzbank – Vessel construction financing for Meyer Turku

We acted as the Finnish law legal advisor to Commerzbank AG, which served as the coordinator, bookrunner, documentation agent, facility agent and security agent of an international banking syndicate. This syndicate provided an ECA-covered construction financing facility of more than EUR 1 billion for the Finnish shipyard company Meyer Turku Oy. The loan facility will be used on the construction of one new passenger cruise ship. The newbuilding is the third of the ICON class. According to Meyer Turku Oy the ICON-class ships are the world’s most advanced and the most environmentally friendly cruise ships of their owner, Royal Caribbean Cruise Lines.

30.12.2024

Finnlines – Deliveries of three new hybrid cargo vessels

We were the legal adviser in three arrangements for the financing of the acquisition of three new ultra-green hybrid ro-ro vessels in the Eco class (Finneco I, II and III) by Finnish shipping company Finnlines Plc. The Chinese shipyard China Merchants Jinling Shipyard (Jiangsu) delivered Finneco I to Finnlines on 28 April 2022, Finneco II on 30 May 2022 and the third and last of three hybrid ro-ro vessels, Finneco III on 6 June 2022. The ships are 238 metres long, each with a cargo capacity of 5,800 lane metres. Consequently, the vessels can carry 400 trailers per voyage. The hybrid ro-ro vessels provide an increase of cargo intake up to 38%, but they reduce CO2 emissions by almost 43%. The three vessels represent another move towards sustainable shipping as they are energy-efficient. Energy saving is the best way to reduce the emissions. The vessels have the highest Finnish/Swedish ice class. “Part of Finnlines’ EUR 500-million Green Newbuilding Programme, Finnlines introduced three new Eco-class hybrid ro-ro vessels in 2022. The three giant vessels operate in the Baltic–North Sea–Bay of Biscay service. With state-of-the-art technology they do not only offer economies of scale to our customers, but the environmental footprint will also be reduced. Finneco vessels provide added value to Finnlines and its customers”, says Tom Pippingsköld, President and CEO, Finnlines.

28.7.2023

Finnlines – Acquisition of two new Superstar ro-pax vessels

We were the legal adviser in two arrangements for the financing of the acquisition of two new Superstar ro-pax vessels (Finncanopus and Finnsirius) by Finnish shipping company Finnlines Plc. Finncanopus and Finnsirius are a part of Finnlines’ EUR 500 million Green Newbuilding Programme which includes two eco-sustainable ro-pax vessels as well as three hybrid ro-ro vessels. The first hybrid ro-ro vessel, Finneco I, was delivered to Finnlines at the Chinese shipyard China Merchants Jinling Shipyard (Jiangsu) on 28 April 2022, Finneco II on 30 May 2022 and Finneco III on 6 June 2022. The first hybrid Superstar ro-pax vessel, Finnsirius, was delivered to Finnlines at the China Merchants Jinling Shipyard in Weihai, China, on 18 July 2023. The second vessel, Finncanopus, is expected to be delivered by the end of 2023. Finnsirius will enter Finnlines’ Finland–Sweden line and the traffic is scheduled to start in September 2023. Finncanopus will join Finnsirius by the end of 2023. The two ships are the largest ro-pax vessels in the Finnlines fleet. With a length of about 235 metres, their loading capacity will be 5,200 lane metres for rolling freight and 1,100 for passengers. In other words, the vessels have the capacity to carry approximately 200 cars and 290 trailers or 250 trucks per voyage. The vessels are as emission-free as possible and the Superstar vessels will be equipped with innovative technology. The air lubrication system creates air bubbles, which reduce friction and hydrodynamic resistance. The onshore power supply will provide an alternative source of energy, enabling emission-free operations in port. A high-powered battery bank will be charged in port and generate power at sea. Two-speed reduction gears will improve propulsion efficiency and save fuel. Green values have also been prioritised in the onboard design and in technological choices. As an example, lighting and ventilation can be adjusted automatically in the passenger accommodation, which reduces energy consumption. The new vessels will feature high-quality restaurants, a sauna and spa section, business and lounge facilities, extensive shopping areas and a variety of other services. The scenic views of the archipelago have been central in the design of the vessels. “Finnlines’ Green Newbuilding Programme has been a massive investment which will benefit our freight customers and private passengers. These hybrid ro-pax vessels are not only the largest in the company fleet so far, but they transport cargo in a more sustainable manner. For example, the vessels have been equipped with enormous high-powered battery banks and onshore power supply in order to have zero emissions while at port,” says Tom Pippingsköld, President and CEO, Finnlines. “Our investment will strengthen services to our freight customers as well as to our passengers,” Pippingsköld continues.

28.7.2023

Excelerate Energy – Chartering an FSRU to Finland

We advised Excelerate Energy on the conclusion of a lease agreement with Gasgrid Finland Oy for the Floating Storage and Regasification Unit (FSRU) Exemplar. The Inkoo LNG terminal project will have a significant impact on securing the supply of gas to Finland and Estonia as imports of pipeline gas from Russia cease. The Exemplar is the first FSRU in Finland and the Inkoo LNG terminal project is legally unique. Moreover, the project, which is critical for Finland’s and the Baltics’ gas supply, was completed in an exceptionally short timeframe. Our experts assisted the company in a wide range of areas including contracts, energy legislation, licensing, labour law, taxation and structuring.

9.6.2023

Triton – Platform investment and formation of Habeo Group

We advised Triton Smaller Mid-Cap Fund II in a new platform investment, the formation of Habeo Group, through its acquisition and financing of eight Finnish companies. After the acquisition, Habeo Group has approximately MEUR 120 in net sales with over 600 experts providing a variety of technical building services, such as heating, plumbing and sewerage, ventilation and air conditioning, electrical works, cooling and refrigeration, fire safety and automation. In line with Habeo Group’s strategy, it has acquired successful, locally operating Finnish group companies and is now Finland’s fifth largest player in the industry. Habeo Group continues to implement its strategy through acquisitions that suit its service portfolio in Finland. The eight Habeo Group companies are the following: Afire Oy – A company that provides its clients with the best fire suppression solutions for different purposes in the market. ESP Group – A group of companies specialised in new building and repair construction, offering all HVAC, electricity and automation services reliably and skilfully. HSK Sähkö Oy – A versatile and flexible full-service electrical contractor operating in all of Finland. Neloset Group – A full-service technical building service and construction company providing housing cooperatives with construction and renovation services from a one-stop shop. Respect Group – A group that serves its clients seamlessly in all their repair construction needs. SFT Finntekniikka Oy – A refrigeration expert that provides comprehensive, high-quality service in refrigeration equipment and cooling systems. Sähkö Oy Turku and Helsinki – A group of electrical engineering companies with a large range of services including design, installation, on-site project supervision and subcontracting. Vaasan Kylmäkone Oy – A company that plans, sells, installs and maintains refrigeration equipment and systems for professional use. Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees. Triton Smaller Mid-Cap Fund II applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies.

21.4.2023

NREP – Financing of Noli Studios Co-Living Premises in Otaniemi, Espoo

We advised NREP in a financing arrangement for the construction and development of Noli Studios co-living premises in the Otaniemi residential area of Espoo, Finland. When completed, the project will strengthen the provision of flexible living solutions in an emerging urban area. The construction of the Noli Studios Otaniemi complies with NREP’s commitment to become carbon neutral by 2028 and the building will seek to achieve LEED Platinum certification. Geothermal heat will be used for heating, and both heat recovery and solar energy will be used to generate electricity. We are happy to support NREP towards sustainability.

8.7.2022

VR – An Unsecured EUR 300 Million Green Bond

We advised VR-Group Plc as it issued an unsecured EUR 300 million green bond. The 7-year bond represents VR Group’s first issuance under its newly established Green Finance Framework. ‘The green bond is issued to support VR Group’s plan to invest around one billion euros in railway stock in Finland during 2022–2026. We will invest for example in new electric locomotives, electric trains and in the maintenance and life-cycle management of the existing fleet’, says CFO Erkka Repo. The proceeds from the issue will be used in accordance with VR Group’s Green Finance Framework to investments into the clean transportation, renewable energy projects and energy efficiency for buildings owned or operated by VR. The object is to mitigate climate change globally by reducing greenhouse gas emissions, generating of renewable energy as well as energy savings.

31.5.2022

Versowood – Refinancing Arrangement

We advised Versowood Oy as the borrower in revolving credit facility and term loan financing arrangements entered into with OP Corporate Bank plc and Danske Bank A/S, Finland Branch for the purposes of refinancing existing debt of the borrower and general corporate purposes. Versowood Oy is a family-owned company that is Finland’s largest private producer of sawn timber and the most significant wood packaging manufacturer producing sustainable wooden building and packaging materials and energy products.

21.3.2022

Swedbank – Real estate financing arrangement

We advised Swedbank AB (publ) in a real estate financing arrangement in which a newly-established affiliate of an international institutional investor acquired a portfolio of seven real estate companies in Southern Finland. The signed financing arrangement enables a financing of approximately EUR 40 million of which part is committed loans and part is accordion financing.

2.2.2022

SEB – Refinancing Arrangement for Evli Healthcare I Ky

We assisted SEB in a EUR 161,260,000 refinancing arrangement for Evli Healthcare I Ky. Evli Healthcare I Ky is a Finnish real estate fund investing in care properties in Finland. Skandinaviska Enskilda Banken AB (publ) acted as the agent, security agent, co-ordinating mandated lead arranger and hedge counterparty in this refinancing arrangement. The lead arrangers in the syndicate were Aktia Bank Abp, LocalTapiola Corporate Lending I LP and LocalTapiola General Mutual Insurance Company, and the lenders for the facility were Skandinaviska Enskilda Banken AB (publ), Aktia Bank Abp, LocalTapiola Corporate Lending I LP and LocalTapiola General Mutual Insurance Company. The arrangement was carried out for the purpose of refinancing the existing indebtedness related to the property companies owned by the fund.

17.12.2021

Norrhydro Group – Listing on First North

We were Norrhydro Group Plc’s legal advisor in the company’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public and institutional offerings and was oversubscribed 7.0 times. Norrhydro Group raised gross proceeds of approximately EUR 8 million from the IPO and gained approximately 12,000 new shareholders. ‘Our goal was to attract many new institutional and private investors as Norrhydro shareholders, and the offering was a great success on both counts’, says Norrhydro’s CEO Yrjö Trög. Trading in the company’s shares began on First North on 1 December 2021. Norrhydro is a Finnish pioneer of motion solutions and a provider and system supplier of energy efficient hydraulic cylinders. The company is specialised in high-quality, tailored and energy-efficient hydraulic cylinders, demanding linear motion solutions and mobile machinery. In 2020, the company’s turnover was EUR 19.9 million, EBITDA 3.8 million and operating profit 3.0 million.

1.12.2021

OP Corporate Bank – Refinancing Arrangement for Teknos Group

We assisted OP Corporate Bank plc in a sustainability-linked financing arrangement for Teknos Group Oy. The facilities consist of a EUR 55,000,000 single currency term loan facility and a EUR 85,000,000 revolving credit loan facility. Both facilities are linked to several sustainability criteria and sustainability performance targets. OP Corporate Bank plc acted as the agent, coordinator and sustainability coordinator in this financing arrangement. The mandated lead arrangers and bookrunners in the syndicate were OP Corporate Bank plc, Nordea Bank Abp, Danske Bank A/S and Skandinaviska Enskilda Banken AB (publ) and the lenders for the facilities were OP Corporate Bank plc, Nordea Bank Abp, Danske Bank A/S, Finland Branch and Skandinaviska Enskilda Banken AB (publ). The financing arrangement was carried out for the purpose of, among other things, refinancing Teknos Group’s existing facilities agreement, general corporate and working capital purposes of the group and financing of acquisitions and capital expenditure.

28.9.2021

Metsä Fibre – Investment Decision and Financing for Bioproduct Mill

We advised Metsä Fibre, a part of Metsä Group, in securing financing for the construction of its new bioproduct mill in Kemi, Finland. Metsä Fibre has now made the investment decision to build the mill. The value of the investment is EUR 1.6 billion and it is the largest investment ever made by the Finnish forest industry in Finland. A Unique Bioproduct Mill Concept – Wood from Sustainably Managed Forests The way Metsä Fibre renews its mills is based on the company’s unique bioproduct mill concept. In the concept, the renewable wood raw material and production side streams are used in full as different bioproducts, thus replacing fossil-based materials and fossil fuels. The wood used by the mill will be sourced from sustainably managed forests. The Kemi bioproduct mill will produce some 1.5 million tonnes of softwood and hardwood pulp per year, as well as many other bioproducts. It will also produce 2.0 TWh of renewable electricity per year, which equals roughly 2.5 percent of Finland’s total electricity production. The construction phase will take approximately two and a half years, and the mill will be completed in 2023.

15.2.2021

Finnlines – Acquisition of Three New Hybrid Cargo Vessels

We were the legal adviser in three arrangements for the financing of the acquisition of three new ultra-green hybrid cargo vessels by Finnish shipping company Finnlines Plc. The new hybrid cargo vessels will be equipped with high-powered battery banks and photovoltaics, which will allow the ships to use electricity and operate emission-free while docked. The vessels will be delivered during 2021–2022 and will operate on routes between Finland and Europe. These new vessels are larger than the ships Finnlines currently has in use and will increase the company’s transport capacity substantially. The design of the vessels’ hull, the propeller-rudder system and the innovative air lubrication under the keel will reduce friction and hydrodynamic resistance and, thus, significantly reduce the environmental impact. Finnlines Plc is the largest shipping company in Finland, providing passenger and freight transport, as well as stevedoring services in Helsinki, Turku and Naantali. Founded in 1947, the company currently employs around 1,600 people. Finnlines Plc is a leading shipping operator of ro-ro and passenger services in the Baltic Sea, the North Sea and the Bay of Biscay. The Company is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight.

3.2.2021

Vantaa Energy, Infranode and Keva – Acquisition of District Heating Business

Castrén & Snellman is representing a consortium consisting of Vantaa Energy, Infranode and Keva in their acquisition of Fortum’s district heating business in the Järvenpää-Tuusula region of Finland. Vantaa Energy, Infranode and Keva will together fully own the district heating business in the Järvenpää-Tuusula region. The transaction was completed on 19 August 2020, and the joint venture established in the transaction, Vantaan Energia Keski-uusimaa Oy, has begun operations.

3.7.2020

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