Borenius > References > Banking & Finance > Borenius advised PHM Group in connection with the issue of EUR 300 million senior secured fixed rate notes
Banking & Finance, Capital Markets & Public M&A, M&A & Private Equity, Tax / 18 Jun 2021

Borenius advised PHM Group in connection with the issue of EUR 300 million senior secured fixed rate notes

We advised PHM Group in connection with the issue of EUR 300 million senior secured fixed rate notes that are due in 2026. PHM Group Holding Oy acted as the issuer and Nordea Bank and Pareto acted as Joint Bookrunners.

The proceeds of the issue were used to refinance the existing facilities of the group as well as for general corporate purposes and for financing a shareholder distribution to the shareholders of the group. The transaction also included a senior loan facility arranged by Nordea, an intercreditor arrangement between the bondholders and other lenders as well as a common security package for the bondholders and other lenders.

The bond issue was rated by S&P and Moody’s with single B ratings and the coupon of the bond is 4.75%.

PHM Group is a Nordic leader in the residential maintenance service market and majority owned by a Nordic private equity investor called Norvestor. It operates in 36 cities in Finland, in 15 cities in Sweden and in three cities in Norway. PGM Group is also constantly expanding their operations in Denmark.

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