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Banking & Finance, Capital Markets / 3 Oct 2014

Borenius advised Nordea and Pohjola on Suominen Corporation’s EUR 75 million high-yield bond and on refinanced bank facilities

We advised Nordea Markets and Pohjola Markets as joint lead managers and bookrunners when Suominen Corporation issued a EUR 75 million high-yield bond. The senior bond is unsecured, but guaranteed by certain subsidiaries of Suominen Group. The novelty feature about this bond is that it is guaranteed by the issuer’’s domestic and foreign subsidiaries and will also be listed on NASDAQ OMX Helsinki, which is an EU regulated market.

In connection with the bond offering, Suominen Corporation also refinanced its syndicated bank loan facilities. Nordea Bank Finland Plc and Pohjola Bank plc acted as mandated lead arrangers for the new bank loan facilities.

Suominen Corporation is the global market leader in nonwovens for wipes and employs approximately 600 people in Europe and in the Americas. Suominen Corporation’s net sales in 2013 amounted to EUR 373.7 million and operating profit excluding non-recurring items, to EUR 19.4 million (continuing operations). Suominen Corporation’s share is listed in NASDAQ OMX Helsinki Stock Exchange.

The Borenius team was led by Partners Andrei Aganimov (bank finance) and Juha Koponen (high-yield bond). The other key team members were Specialist Partner Johannes Ahti, Senior Associate Elina Toivakainen, Associate Jenna Saario and New York Partner Jarno Vanto.

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