References/27 Apr 2020

Borenius advised Aspo Plc on its EUR 20 million Hybrid Bond issue and Tender Offer

We advised Aspo Plc when it issued ​​its ​​EUR 20 million Hybrid Bond on 23 April 2020. At the same time Aspo completed a Tender Offer with respect to its Hybrid Bond issued in 2016.

The Lead Manager of the issue was OP Corporate Bank plc.

This transaction constitutes one of the very few Finnish bond issues and probably the first hybrid bond issue in Europe to have taken place so far since the COVID-19 outbreak.

I am very pleased with the investor demand for this transaction despite the exceptional market situation, and it is a strong indication of the investors’ confidence and appreciation of Aspo conglomerate. The transaction supports the company’s capital structure and strategy implementation well,” stated Aki Ojanen, the CEO of Aspo.

Aspo is a conglomerate that owns and develops business operations in Northern Europe and growth markets focusing on demanding B-to-B customers. Aspo has four corporate brands, i.e. ​ESL Shipping, Leipurin, Telko and Kauko, that are responsible for their own operations, customer relationships and the development of these. Together they generate Aspo’s goodwill.

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Niina Nuottimäki



Juha Koponen


Helsinki, London, New York