SRV begins tender for €45 million hybrid bond issued in 2012 at 104

By Susanna Moon

Chicago, March 7 – SRV Yhtiot Oyj said it is tendering for its outstanding €45 million hybrid bond issued in 2012.

The cash purchase price will be €104,000 per each €100,000 principal amount.

The tender offer will end at 11 a.m. ET on March 16, with settlement on March 22.

The hybrid bond allows SRV to exercise an early redemption option in December 2016, according to a company announcement.

Danske Bank A/S, Pohjola Bank plc and Nordea Bank Finland plc are the joint lead managers. Danske Bank Oyj is the tender agent, and Danske Bank Oyj and Pohjola Bank plc are the dealer managers.

SRV is also planning to issue €45 million of new hybrid bonds, and the tender offer is subject to closing of the new issue.

A hybrid bond is an instrument that is subordinated to the company’s other debt obligations and that is treated as equity in the group’s IFRS financial statements.

SRV is an Espoo, Finland-based construction company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.