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Caverion Corporation is considering the issuance of a hybrid bond. The potential issue is expected to be launched in the near future subject to market conditions. The targeted size of the issue is approximately EUR 80 million. The hybrid bond issue would strengthen the company’s capital structure and financial position.
In connection with the hybrid bond issuance, Caverion Corporation is planning to restructure its existing loan facilities into one loan agreement. EUR 40 million of the proceeds of the hybrid bond would be used to refinance certain existing facilities and the remaining part of the proceeds would be used for general corporate purposes.
A hybrid bond is an instrument which is subordinated to the company's other debt obligations and which is treated as equity in the IFRS financial statements. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders.
Nordea Bank AB (publ), OP Corporate Bank plc and Skandinaviska Enskilda Banken AB (publ) act as joint lead managers for the transaction. Castrén & Snellman Attorneys Ltd acts as legal advisor to Caverion Corporation.
Distribution: Nasdaq Helsinki, key media, www.caverion.com