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 Corporations’s net sales in 2013 amounted to MEUR 373.7 and operating profit excluding non-recurring items to MEUR 19.4 (continuing operations). Suominen Corporation’s share is listed in NASDAQ OMX Helsinki Stock Exchange.