Aspo refinances €15.42 million of hybrid bonds via tender, new issue

By Susanna Moon

Chicago, May 26 – Aspo plc said investors had tendered €15.42 million of its €20 million hybrid bond issued in 2013.

The tender offer ended at 10 a.m. ET on May 25, with settlement expected to occur on May 27.

The cash purchase price will be €20,400 per each €20,000 principal amount plus accrued interest.

As announced May 13, the company was tendering for an amount of the 2013 hybrids equal to proceeds of new bonds, and the tender offer was conditioned on issue of the hybrids.

Aspo placed a €25 million hybrid bond issue on May 17, according to a company announcement.

A hybrid bond is subordinated to the company’s other debt and is treated as equity in the group's IFRS financial statements, the release noted. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders, the release added.

The hybrids tendered in the offer were issued in November 2013 and are first callable in November.

Danske Bank Oyj (+358 10 513 8794 or eemeli.lehto@danskebank.fi) is the tender agent and dealer manager.

Aspo is a Helsinki, Finland-based conglomerate that owns and develops B2B corporate brands, focusing on sectors that require extensive, specialist knowledge.

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