Finland’s Huhtamaki to buy 78.28% of tendered 3.375% notes via OP

By Susanna Moon

Chicago, Sept. 27 – Huhtamaki Oyj said investors had tendered €172,587,000 of its €200 million 3.375% notes due May 14, 2020 in the offer held by OP Corporate Bank plc.

Huhtamaki expects to accept for purchase €135,008,000 of the notes using a proration factor of 78.28%, according to a company notice on Wednesday.

The results are non-binding, however, and OP reserves the right to decide on the purchase amount, the release noted.

As announced Sept. 18, OP was tendering for up to €150 million of the 3.375% notes issued by Huhtamaki until 10 a.m. ET on Sept. 26.

The purchase price will be €1,086.70 for each €1,000 principal amount of notes plus accrued interest.

The tender offer contained a new issue condition, which has not been met yet, the company added.

Huhtamaki was considering an issue of new euro-denominated fixed-rate notes, according to the previous announcement.

Settlement will occur by Oct. 12, if the new issue closes.

The joint lead managers are Nordea Bank AB (publ) and OP Corporate Bank. OP Corporate Bank (liabilitymanagement@op.fi or +358 10 252 1668) is also dealer manager and tender agent.

Huhtamaki is a packaging specialist for food and drink based in Espoo, Finland.

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