Jotul sets investor meetings ahead of offering of three-year floaters

By Mary-Katherine Stinson

Lexington, Ky., Dec. 7 – Jotul AS, a subsidiary of Jotul Holdings SA, announced it mandated Pareto Securities AB to arrange a series of fixed-income investor meetings beginning on Friday

A three-year senior secured floating-rate bond issue may follow, subject to market conditions, in an initial amount of NOK 600 million under a framework of NOK 900 million, according to a press release.

Proceeds from the planned bonds would be used primarily to finance the redemption of Jotul Holdings’ existing 2021/2024 bond loan (ISIN: NO0011104069) including accrued and unpaid interest, refinance other existing debt, and to finance transaction costs and general corporate purposes.

The company also provided financial updates for 2023 and 2024. Jotul said in the release that it expects to post net revenue and adjusted EBITDA of NOK 1,585,000,000 to NOK 1,625,000,000 and NOK 250 million to NOK 270 million, respectively, in 2023, whereas end of the year cash on balance is expected to stand at NOK 70 million to NOK 100 million. For the full year of 2024, management expects adjusted EBITDA to come in at NOK 250 million to NOK 300 million.

Based in Fredrikstad, Norway, Jotul makes stoves, inserts and fireplaces.

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