Aspo launches tender offer for 6¾% perpetual capital securities

By Marisa Wong

Los Angeles, April 9 – Aspo plc said it has begun a voluntary cash tender offer for its outstanding €25 million 6¾% capital securities issued on May 27, 2016 (ISIN: FI4000210240) with a first call date of May 27, 2020.

Aspo is offering to purchase any and all of the 2016 capital securities at €100,000 per €100,000 note, according to a news release.

The company will also pay accrued interest.

Aspo also announced on Thursday it is considering issuing a hybrid bond of at least €15 million to finance the partial repurchase of the outstanding 2016 capital securities and for general purposes.

Due to the exceptional market circumstances arising from the Covid-19 pandemic, the tender offer and the issue of the new capital securities are expected to be executed during the company’s silent period.

The tender offer will expire at 9 a.m. ET on April 21.

Preliminary tender offer results will be announced on or about April 21, and the final results will be announced as soon as possible but no later than April 27.

Settlement of the tender offer is expected to be no later than May 4.

Completion of the tender offer is conditioned on pricing of the new securities.

A holder that wishes to subscribe for new securities in addition to tendering their 2016 securities may receive priority in the allocation of the new securities.

OP Corporate Bank plc (liabilitymanagement@op.fi / tel. +358 10 252 1668) is dealer manager and tender agent.

Aspo is a Helsinki, Finland-based conglomerate that owns and develops business-to-business corporate brands.

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