Borenius advised the arrangers on YIT’s EUR 100 million issue of senior secured green notes and a consent solicitation relating to its existing notes

We advised the arrangers as YIT Corporation (“YIT”) completed an issuance and listing of senior secured green floating rate notes in a nominal amount of EUR 100 million. The new notes have an interest rate of 3-month EURIBOR plus 7.50%, and they will mature in 2027. The new notes are secured by transaction security granted by YIT and certain of its group companies that currently also secures the existing EUR 300 million revolving credit facility and the existing EUR 140 million term loan facility of YIT.

The overall transaction included a consent solicitation process relating to YIT’s existing EUR 100 million senior unsecured green fixed rate notes due 2026, whereby the shared security pool was extended to also secure the existing notes and the terms and conditions of the existing notes were amended accordingly.

The net proceeds of the issue of the new notes will be used for financing or refinancing eligible green projects or assets or otherwise in accordance with YIT’s Green Finance Framework. The new notes will be listed on the Nasdaq Helsinki main market.

Danske Bank A/S, Nordea Bank Abp and OP Corporate Bank plc acted as joint global coordinators and joint bookrunners and Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ) acted as joint bookrunners for the issue of the new notes.

YIT is a leading Finnish construction and development company that employs approximately 4,300 professionals in eight countries. YIT’s shares are listed on Nasdaq Helsinki.