Aspo aims to refinance €20 million hybrid bonds via tender, new issue

By Susanna Moon

Chicago, May 13 – Aspo plc said it began a tender offer for its €20 million hybrid bond issued in 2013.

The cash purchase price will be €20,400 per each €20,000 principal amount.

The tender offer will end at 10 a.m. ET on May 25, with settlement expected to occur on May 27.

The hybrids were issued in November 2013 and are first callable in November.

Aspo may issue about €25 million of new hybrid bonds “in the near future subject to market conditions,” according to a company announcement.

The company is tendering for an amount of the 2013 hybrids equal to proceeds of the new bonds, and the tender is conditioned on issue of the hybrids.

A hybrid bond is subordinated to the company’s other debt and is treated as equity in the group's IFRS financial statements, the release noted. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders, the release added.

Danske Bank Oyj (+358 10 513 8794 or eemeli.lehto (a) danskebank.fi) is the tender agent and dealer manager.

Aspo is a Helsinki, Finland-based conglomerate that owns and develops B2B corporate brands, focusing on sectors that require extensive, specialist knowledge.

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