Valter Olkkonen

Senior Associate, Master of Laws

Services

  1. Banking & Finance
  2. Capital Markets & Financial Regulation
  3. Private Equity & Venture Capital
  4. ESG and Corporate Sustainability

Contact details

I assist our clients in various financing transactions.

Before joining Castrén & Snellman, I worked as a trainee at a major law firm in the United Kingdom and at a Big Four accounting firm in Finland.

In addition to my Master of Laws degree from the University of Helsinki, I have studied law at the University of Edinburgh.

Latest references

S-Bank – Bond transactions totalling EUR 1.45 billion for acquisition of Svenska Handelsbanken’s operations 
We have advised S-Bank Plc in four bond transactions totalling EUR 1.45 billion that provided financing for S-Bank’s acquisition of Svenska Handelsbanken AB’s Finnish private customer, asset management and investment services operations. In 2023, we advised S-Bank in supplementing their earlier bond programme and in the issuance of two new bonds. S-Bank’s first covered bond, valued at EUR 500 million, was issued in September 2023. In addition to general corporate purposes, the purpose of the issue was to finance the acquisition of Svenska Handelsbanken AB’s Finnish private customer, asset management and investment services operations. Further, a EUR 150 million senior preferred MREL eligible bond was issued in November 2023 and the purpose of the issue was to meet the minimum requirement for own funds and eligible liabilities (MREL) and to finance the bank’s activities. In 2024, we have advised S-Bank Plc in the update of a EUR 3 billion bond programme. Under the programme, S-Bank may issue senior preferred MREL eligible notes, covered bonds and additional tier 1 capital notes. In February of 2024, we advised S-Bank in its issuance of a EUR 300 million senior preferred MREL eligible bond and on the tender offer of its EUR 220 million senior preferred MREL eligible bond maturing in 2025. The tender offer required the prior permission of the Finnish Financial Stability Authority based on Commission Delegated Regulation 2023/827 on technical standards for the reduction of own funds and eligible liabilities prior authorisation. The Stability Authority granted S-Bank a permission for repurchases of the notes. Based on the permission, S-Bank replaced the notes with own funds or eligible liabilities instruments of equal or higher quality at terms that are sustainable for the income capacity of S-Bank. The final tender offer results were announced in February 2024. In April 2024, we further advised S-Bank in supplementing their base prospectus and issue of their second covered bond of EUR 500 million. The covered bond’s maturity date is 16 April 2030.
Case published 30.7.2024
Finnfund – A EUR 100 million green bond
We advised Jefferies as the sole arranger and lead manager in a transaction in which Finnfund, a Finnish development financier and impact investor, issued a EUR 100 million green bond. The 10-year bond bears interest at the rate of 3.5% per annum. The bond offering was placed to international investors, including a portion of dedicated green bond investors/portfolios. The bond represents Finnfund’s first ever green transaction and second issuance under its Sustainability Bond Framework established in September 2022. The proceeds from the issue will be used in accordance with the green project categories of Finnfund’s Sustainability Bond Framework to finance and/or refinance eligible green lending, equity investments, and mezzanine financing mainly targeting, for example, the objective of climate change mitigation and adaptation and/or environmentally sustainable management of living natural resources. Net proceeds will be allocated to eligible projects with the objective to mobilise debt capital to support Finnfund’s mission to generate lasting impact by investing in businesses that solve global development challenges. In addition, it contributes to Finnfund’s goal to foster sustainable development by providing investment opportunities for private investors. In its strategy, adopted in January 2022, Finnfund sets one of its targets to fund 50% of its investments with private capital by 2030. Mobilising private capital is key to achieving the UN Sustainable Development Goals (SDGs) in developing countries, given that the UN estimates the financing gap at USD 2.5 trillion per year. Jaakko Kangasniemi, Managing Director, CEO at Finnfund said: “Sustainable, innovative businesses and investors play an integral role in solving both global and local challenges, such as climate change mitigation and adaptation, and biodiversity loss. Capital markets are also vital in the transition away from fossil fuels. We are glad to have such a strong support for our impact investing activity and our mission to foster sustainable development and green transition.” Andrey Medvedev, Senior Vice President at Jefferies said: “We are delighted to have assisted Finnfund issuing its longest private placement to date and showcasing its innovative green projects. This deal demonstrates Finnfund’s appeal to a diversified international investor base and cements its position as a leading development financing agency.”
Case published 26.1.2024
Armada Credit Partners – Private debt investment in Smartvatten
We assisted Armada Credit Partners in a sustainability-linked private debt investment in Smartvatten Oy, a company majority owned by Norvestor. Smartvatten is a hardware-enabled software as a service company providing its customers with a complete solution for real-time monitoring and reporting of water consumption in buildings. Smartvatten’s customers reduce their water costs and the risk of water-related damage while improving their sustainability performance. The cooperation between Armada and Norvestor will promote Smartvatten in its objective of helping a greater number of customers with water costs, leaks and sustainability agenda.
Case published 26.1.2024
Biovian – Debt refinancing initiative to support GeneCity expansion
We advised Biovian Oy, a Finnish company, in a debt refinancing initiative and securing a new funding package with Eurazeo, a French investment company, to support GeneCity facility expansion. The package will be used to refinance existing debt and to finance investment in GeneCity. The GeneCity facility will house cutting-edge equipment and advanced technologies to support the development, manufacturing, and testing of ATMP (Advanced Therapy Medicinal Products). It will also feature dedicated Class A to D cleanroom areas for bulk drug substances as well as final drug product manufacture. The new viral vector facility building has been started in the autumn of 2023 and the facility is expected to be ready in 2025. The new funding package is an important milestone in Biovian’s growth journey and will support Biovian in continuing its strong organic growth. The GeneCity expansion is a strategic move aimed at meeting the growing demand for high-quality biopharmaceutical manufacturing services and further solidifying Biovian’s position as a trusted partner in the biopharmaceutical industry.
Case published 17.1.2024
Huhtamaki – EUR 300 million bond and tender offer of bond maturing in 2024
We advised Huhtamäki Oyj in its issuance of a EUR 300 million senior unsecured bond and on the tender offer of its EUR 150 million senior unsecured bond maturing in 2024. The new bond bears interest at a fixed interest rate of 5.125 per cent per annum. Huhtamaki used the net proceeds from the issue of the new bond for the partial repurchase of its bond maturing in 2024 and for refinancing and other general corporate purposes of the group.
Case published 10.1.2024
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.
Case published 21.4.2023
POP Mortgage Bank – Establishment of Mortgage Bank and Covered Bond Programme
We advised POP Mortgage Bank Plc in the establishment of a mortgage bank and in the obtainment of the required authorisation under the Act on Mortgage Credit Banks. Additionally, we advised POP Mortgage Bank Plc in the establishment of a EUR 1,000,000,000 mortgage covered bond programme. Under the programme, POP Mortgage Bank Plc may issue covered bonds pursuant to the recently adopted the Act on Mortgage Credit Banks and Covered Bonds and list them on the regulated market. The authorisation process and the establishment of the programme were affected by the overall legislative reform, which entered into force on 8 July 2022. POP Mortgage Bank Plc is part of the POP Group and the amalgamation of POP Banks. POP Mortgage Bank Plc is responsible for POP Group’s mortgage-secured funding by issuing covered bonds.
Case published 12.9.2022
Huhtamäki – EUR 500 Million Sustainability-Linked Bond
We advised Huhtamäki Oyj as it issues a EUR 500 million senior unsecured sustainability-linked bond with 5-year maturity. The bond represents Huhtamaki’s first issue under its newly established Sustainability-Linked Bond Framework. It enables Huhtamaki to connect sustainability with its funding cost and thereby incentivise the achievement of its 2030 Sustainability agenda. The chosen targets for the sustainability-linked bond are related to greenhouse gas reductions.
Case published 3.6.2022
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