Valter Olkkonen

NoHo Partners – A MEUR 119 Financing Package

We advised NoHo Partners Plc on a 119-million-euro financing arrangement. The financing arrangement frees up a significant part of the cash flow for the business and enables the implementation of an acquisition-driven growth strategy also in the future.

16.1.2025

CapMan Buyout – Divestment of Renoa Group

We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies.

14.1.2025

Korkia Oy – Renewable energy loan agreement

We advised Korkia Oy in its loan agreement with Nordic Environment Finance Corporation. The financing will support the development and international scale-up of Korkia’s pipeline of solar energy, battery energy storage system (BESS) and onshore wind projects. Korkia is a dedicated investor in renewable energy operating in nine countries. It has a robust development pipeline of over 20 GW in renewable energy and energy storage projects.

7.1.2025

Huhtamaki – EUR 450 million sustainability-linked syndicated revolving credit facility

We advised Huhtamaki Oyj in relation to a EUR 450 million sustainability-linked syndicated multi-currency revolving credit facility loan agreement (“RCF”) with a maturity of five years. The RCF refinances an existing EUR 400 million sustainability-linked syndicated revolving credit facility signed in January 2021 and will be used for general corporate purposes of the Group. The RCF has two one-year extension options at the discretion of the lenders. The Mandated Lead Arrangers and Bookrunners of the RCF are Citi, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), BNP Paribas, Commerzbank Aktiengesellschaft, Danske Bank A/S, DBS Bank Ltd., London Branch, J.P. Morgan SE, Landesbank Hessen-Thüringen Girozentrale, OP Corporate Bank plc, Raiffeisen Bank International AG and Standard Chartered Bank AG.

28.11.2024

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.

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.”

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.

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.

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.

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.

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.

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.

3.6.2022

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

Danske, OP Corporate Bank, Swedbank and Handelsbanken – Real Estate Financing Arrangement for LähiTapiola Yhteiskuntakiinteistöt Suomi Ky

We advised a financier consortium including Danske Bank A/S as coordinator, Danske Bank A/S, Finland Branch, Swedbank AB (publ), Svenska Handelsbanken AB (publ), Branch Operation in Finland, and OP Corporate Bank plc as lenders in a real estate financing arrangement for LähiTapiola Yhteiskuntakiinteistöt Suomi Ky, a real estate fund investing in health care and community properties in Finland. The facilities made available under the financing arrangement consist of EUR 172,050,000 committed term facilities and EUR 80,000,000 uncommitted accordion facilities. The purpose of the financing arrangement was to finance the costs related to the acquisition of hospital property located in Espoo, Southern Finland, as well as financing and refinancing other properties acquired or to be acquired by the fund.

6.4.2022

Evli Bank and Evli – Evli Bank’s Demerger Into Evli Plc and, Through Merger With Fellow Finance, Fellow Bank

We advised Evli Bank Plc in a complex arrangement between Evli and Fellow Finance Plc, in which Evli demerged into a new asset management group, Evli Plc, and a company that will carry on Evli’s banking services and into which Fellow Finance merged. The arrangement was carried out through a partial demerger of Evli Bank and an absorption merger in which Fellow Finance merged into the remaining part of Evli Bank immediately after the demerger. The new company created through the merger that will continue the banking services was named Fellow Bank Plc. As part of the arrangement, we advised Evli Bank Plc in particular in the demerger and merger processes as well as with respect to related prospectuses and authorisations, registrations and approvals required for the completion of the arrangement. The completion of the arrangement required, among other things, approvals and registrations from the Finnish Financial Supervisory Authority, the European Central Bank and the Finnish Trade Register. The completion of the arrangement also required that Evli Plc’s class B shares be listed on Nasdaq Helsinki. In connection with Evli Bank’s change to Fellow Bank, Evli Bank’s class A shares and class B shares were converted into one listed share class. In addition, Fellow Bank’s capital position was strengthened with a directed share issue. The arrangement resulted in a new Evli, which will focus on wealth management and advisory services, and Fellow Bank, which is based on a scalable and digital service concept. The arrangement further improves opportunities to grow both banking services and wealth management as independent businesses.

4.4.2022

The Mortgage Society of Finland – Update of EUR 2 Billion Bond Programme

We advised The Mortgage Society of Finland in the update of a EUR 2 billion bond programme under which the Mortgage Society of Finland may issue senior preferred and unsecured notes, subordinated debentures and covered bonds. The notes under the programme may be listed on the official list of Nasdaq Helsinki Ltd. Under the programme, it is possible to issue senior preferred notes that qualify as eligible liabilities items (MREL) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met. The programme accounts for the new proposed Covered Bond Act that would replace the current Act on Mortgage Credit Banks. The proposed act is intended to enter into force on 8 July 2022.

17.2.2022

Neste – Early Redemption of Notes

We advised Neste Corporation when it exercised its right to redeem early its outstanding 2.125% unsecured fixed rate notes in full. The initial nominal principal amount of the notes was EUR 500 million and, on the redemption date, the outstanding nominal principal amount of the notes was EUR 321 million. The redeemed notes were listed on the official list of Nasdaq Helsinki Ltd.

7.1.2022

Finnfund – Co-investment with University of Helsinki into Microfinancing in Africa and Asia

We advised Finnfund in the co-investment structuring of their debt facility commitment to the Advans Group, a leading international microfinance group serving over one million clients in nine countries: Cambodia, Cameroon, Ghana, Democratic Republic of Congo, Cote d’Ivoire, Pakistan, Nigeria, Tunisia, and Myanmar. The University of Helsinki is participating in this investment with Finnfund. Through this funding, Finnfund and the University of Helsinki aim to generate funding for micro and small businesses and promote responsible business practices and gender equality within microfinancing. Finnfund is a Finnish development financier and professional impact investor. Finnfund builds a sustainable world by investing in responsible and profitable businesses in developing countries. Each year Finnfund invests EUR 200–250 million in 20–30 projects, emphasising renewable energy, sustainable forestry, sustainable agriculture and financial institutions. Today Finnfund’s investments and commitments total about EUR 957 million, half of them in Africa. The company has approximately 90 employees. The University of Helsinki is Finland’s oldest and largest university. It is one of the world’s leading multidisciplinary research universities and is regularly ranked among the top one hundred universities in the world. Its assets amount to more than two billion euros and include more than half a billion euros in financial securities. The University of Helsinki aspires to be among the top ten educational endowment investors globally. The primary goal of its investment activities is to increase its financial stability and independence. Advans’ mission is to provide client-centric financial services to small businesses and under-served populations in a sustainable and responsible manner. The Advans Group currently operates in nine countries in Africa and Asia. As at end December 2020, the group served over one million clients and employed more than 7,500 staff, with a Gross Loan Portfolio of over 1 billion euros and a total of EUR 670 million in savings deposits. Headquartered in Luxembourg with its support services in Paris, the group’s shareholders are EIB, KfW, FMO, CDC Group plc, FISEA (AFD Group), IFC and Advans Invest.

12.10.2021

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

Ålandsbanken & Borgo – Issue of Covered Bond and Consent Solicitation for Ålandsbanken’s Covered Bond

We advised Ålandsbanken Abp and Borgo AB in respect of Finnish law in the issue of a SEK 5,500,000,000 covered bond by Ålandsbanken Abp as initial issuer and Borgo AB as subsequent issuer. The terms and conditions of the covered bonds allow covered bonds to be transferred to Borgo AB at a later stage subject to the approval of Ålandsbanken Abp and Borgo AB. The contemplated timing for the transfer s the first half of 2022. The new covered bond issue is part of a transaction in which Ålandsbanken Abp, ICA Banken AB, Ikano Bank AB (publ), and Söderberg & Partners Holding AB have established a new mortgage company, Borgo AB, and are further establishing a joint mortgage platform on the Swedish market. As part of this transaction, Ålandsbanken Abp will transfer its Swedish mortgage loans, SEK-denominated covered bonds it has issued, and SEK-denominated bonds from its liquidity portfolio to Borgo AB. Borgo AB is a digital start-up mortgage company licenced by the Swedish Financial Supervisory Authority. In addition to the above, we advised Ålandsbanken Abp in a consent solicitation for its up to SEK 2,500,000,000 covered bond due in 2022 and its later redemption of all outstanding notes pursuant to the amendments made to the terms and conditions of the covered bond during the consent solicitation process.

13.9.2021

VR Group – Sale of International Road Logistics Business

We advised VR Group in the sale of its international road logistics business to the Finnish company Avind International Oy. The transaction comprises Transpoint International (FI) Oy owned by VR Group and two Russian subsidiaries owned by Transpoint International (FI) Oy. Transpoint International (FI) has been responsible for VR Transpoint’s international road traffic in Russia. VR Group is a responsible service company operating in the field of travel, logistics and maintenance that is speeding up the journey towards a healthy and carbon-neutral Finland. Avind International Oy is a reliable partner in the logistics services market since 1998 that provides road, sea and rail transportation, forwarding and brokerage services, and warehouse logistics.

16.8.2021

Evli Bank – Demerger into an Asset Management Group and into a Banking Group into which Fellow Finance Will Merge

We advised Evli Bank Plc in an arrangement between Evli and Fellow Finance Plc in which Evli will demerge into New Evli, an asset management group that will be listed, and into a company that will carry on Evli’s banking services and into which Fellow Finance will merge. The company that will carry on the banking services will be called Fellow Bank. The arrangement will be carried out through a partial demerger of Evli and an absorption merger in which Fellow Finance will merge into Evli immediately after the demerger. The arrangement will create a new company, Fellow Bank, which will be based on a scalable and digital service concept, as well as New Evli, which will be further focused on wealth management and advisory services. The arrangement further improves opportunities to grow both banking services and wealth management as independent businesses. The intention is for New Evli to apply for authorisation as investment firm. The arrangement is also conditional on other authority approvals and on approval by the general meetings of both companies. The arrangement is intended to be completed during the first half of 2022.

22.7.2021

Ålandsbanken – Issue of SEK 300 Million AT1 Capital Notes

We advised Ålandsbanken Abp in the issue of SEK 300 million Additional Tier 1 (AT1) Capital Notes. The instrument was issued on 24 March 2021 and listed on the Helsinki Stock Exchange. AT1 Capital Notes are perpetual and are calculated in the Additional Tier 1 capital of the bank under the EU’s Capital Requirements Regulation.

6.5.2021

Neste – EUR 500 Million Green Bond

We advised Neste Corporation in the issue of a EUR 500 million green bond. The 7-year bond represents the first issuance under Neste Corporation’s newly established Green Finance Framework. ‘With the issuance of our first Green Bond, we are providing investors the opportunity to support our objective to mitigate climate change globally by reducing greenhouse gas emissions through our renewable and circular solutions’, says Mika Rydman , Vice President and Group Treasurer, Neste The proceeds from the issue will be used in accordance with Neste Corporation’s Green Finance Framework, for example for investments into the development, operation, maintenance and expansion of the company’s renewable and circular solutions with the objective of mitigating climate change globally by reducing greenhouse gas emissions.

22.3.2021

S-Bank – Establishment of €1,500 Million Bond Programme and Update of €100 Million Debenture Programme

We advised S-Bank Plc in the establishment of a €1,500 million programme for the issuance of covered notes and senior preferred notes. The programme provides that the notes issued under the programme may be listed on the Helsinki Stock Exchange maintained by Nasdaq Helsinki Ltd. The senior preferred notes qualify as eligible liabilities items (MREL) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met. In addition, we advised S-Bank Plc in the update of a €100 million programme for the issuance of debenture loans and in the issue of approximately €25 million debenture loans. The debenture loans issued under the updated programme qualify as tier 2 instruments (T2) under the EU’s Capital Requirements Regulation, provided that the requirements set out therein are met.

12.1.2021

Skandinaviska Enskilda Banken – Real estate financing arrangement for FIM Asuntotuotto Erikoissijoitusrahasto

We advised SEB in a real estate financing arrangement for FIM Asuntotuotto Erikoissijoitusrahasto. The financing will be used for the purposes set out in the investment strategy of the fund.

30.11.2020

The Mortgage Society of Finland – Update of EUR 2,000,000,000 Note Issuance Programme

We advised the Mortgage Society of Finland in the update of a EUR 2,000,000,000 programme for the issuance of senior unsecured notes, subordinated debentures and covered bonds. The notes under the programme may be listed on the official list of Nasdaq Helsinki Ltd.

24.11.2020

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

Employment Fund – Issue of Two Bonds in the Aggregate Amount of EUR 1.2 Billion

We assisted the Employment Fund in its issue of two EUR 600 million unsecured bonds on 16 June 2020. The first bond matures on 16 June 2023 and the other bond matures on 16 June 2027. S&P Global Ratings has assigned the bonds a credit rating of AA+.

1.7.2020

Employment Fund – EUR 800 Million Finance Arrangement

We advised the Employment Fund in a finance arrangement in which the Employment Fund renewed its previous EUR 400 million revolving credit facility agreement with four banks by signing corresponding agreements totalling EUR 800 million on 9 April 2020 with the following banks: Danske Bank A/S, Finland Branch, Nordea Bank Abp, OP Corporate Bank plc, Swedbank AB (publ) and Svenska Handelsbanken AB (publ), Branch Operation in Finland. The RCFs are valid for two years and include a one-year extension option, but the use of the option is subject to the support of the banks. The Employment Fund submitted an application to the Ministry of Finance on 3 April 2020 concerning a state guarantee for the aforementioned facilities. The guarantee requires a decision of Parliament. The Employment Fund’s Chief Financial Officer Tapio Oksanen summarises the significance of the agreements, ‘We are very satisfied and happy that we were able to agree significant revolving credit facilities with our banks in such a short timeframe. This financing arrangement offers us alternative forms of debt financing in addition to our current commercial paper programme. I would also like to thank all of the banks participating in the arrangements for their strong commitment to strengthening the Employment Fund’s financing structure and securing the financing of employment benefits.’

25.5.2020

CRH – Update of EMTN Programme and CRH Finland Services Oyj’s Issue of EUR 500 Million Notes

We advised CRH plc and CRH Finland Services Oyj on the Finnish law aspects of the update of an EMTN programme of EUR 8 billion and of a notes emission of EUR 500 million guaranteed by CRH plc and issued by CRH Finland Services Oyj under the programme. The notes will be admitted to trading on Euronext Dublin. CRH Finland Services Oyj is part of CRH, a global building materials group headquartered in Ireland.

8.5.2020

My latest blogs

Latest references

Get to know our other experts in the field

Search from the site.