SATO launches tender offer for €350 million 1.375% notes due 2028

By Mary Katherine Stinson

Lexington, Ky., Feb. 27 – SATO Corp. is inviting holders of its €350 million 1.375% notes due Feb. 24, 2028 (ISIN: XS2233121792) to tender up to €50 million of their notes for cash, according to a notice.

SATO retains the right to adjust the maximum acceptance amount at its discretion.

The purchase price will be determined by an unmodified Dutch auction, with a minimum purchase price of 87.5.

Tender instructions may be submitted on a non-competitive or a competitive basis.

SATO will accept for purchase all validly tendered notes submitted on a non-competitive basis if any of the competitive tenders are accepted. Noteholders who submitted a non-competitive offer that was accepted will receive the minimum purchase price.

As the purchase price applicable to each noteholder is the price specified in their tender instruction, the purchase price payable to each noteholder will not necessarily be the same.

Tenders may be subject to proration.

Repurchased notes will be canceled.

The offer will expire at 9 a.m. ET on March 5.

Results are expected to be announced on March 6 with settlement slated for March 8.

Nordea Bank Abp (+45 61360379; NordeaLiabilityManagement@Nordea.com) is acting as dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880; Attention: Owen Morris at sato@is.kroll.com; https://deals.is.kroll.com/sato) is acting as tender agent.

The purpose of the offer is to proactively manage the issuer’s balance sheet.

SATO is a rental housing provider in Finland.

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