By Paul A. Harris
Portland, Ore., March 17 – Outotec Oyj announced in a Thursday press release that it will issue €150 million of 7 3/8% hybrid bonds in a private offering.
The bonds have no specified maturity date but the company may exercise an early redemption option for the first time on March 24, 2021.
Lead manager Pohjola Bank plc was the coordinator. Nordea Bank Finland plc was also a lead manager.
The Espoo, Finland-based metal and mineral processing company plans to use the proceeds to strengthen its capital structure, refinance debt and for general corporate purposes.
“We are very pleased with the broad interest from both institutional investors as well as private banks,” Pertti Korhonen, the chief executive officer of Outotec stated in the release.
“Due to the strong demand, the hybrid bond was significantly oversubscribed, which is a clear indication of investors’ confidence in Outotec,” Korhonen added.
| Issuer: | Outotec Oyj
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| Securities: | Hybrid bonds
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| Amount: | €150 million
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| Maturity: | Perpetual
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| Lead managers: | Pohjola Bank plc (coordinator), Nordea Bank Finland plc
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| Coupon: | 7 3/8%
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| Optional redemption: | Starting March 24, 2021
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| Announcement date: | March 17
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| Settlement date: | March 24
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