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Kojamo accepts tenders for €150 million of notes due 2024, 2025
By Mary-Katherine Stinson
Lexington, Ky., June 22 – Kojamo plc accepted the maximum amount of €150 million of its outstanding notes from two series through an oversubscribed cash tender offer, according to a press release.
The results for the two series of notes, with the pricing details, are as follows:
• €65,515,000 of the €500 million outstanding 1½% notes due 2024 (ISIN: XS1628004779) were tendered and accepted for purchase at a purchase price of 96.304, with pricing determined using the 2024 notes interpolated mid-swap rate and a purchase spread of 140 basis points; and
• €130,267,000 of the €500 million outstanding 1 5/8% notes due 2025 (ISIN: XS1785356251) were tendered with €84,485,000 accepted for purchase at a purchase price of 92.225, with pricing determined using the 2025 notes interpolated mid-swap rate and a purchase spread of 270 bps.
The 2025 notes were subject to a proration factor of 64.749%.
Pricing was determined around 7 a.m. ET on June 22.
The company will also pay accrued interest, which amounts to €0.33 per €1,000 of principal for the 2024 notes and €4.97 per €1,000 of principal for the 2025 notes.
The offers expired at 11 a.m. ET on June 21.
Settlement is expected to be on June 27.
Following settlement, €434,485,000 nominal amount of the 2024 notes will remain outstanding, and €415,515,000 nominal amount of the 2025 notes will remain outstanding.
The company said the purpose of the offers is to proactively manage its upcoming debt maturities.
The dealer managers are Nordea Bank Abp (+45 6161 2996; nordealiabilitymanagement@nordea.com) and OP Corporate Bank plc (liabilitymanagement@op.fi).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; kojamo@is.kroll.com; https://deals.is.kroll.com/kojamo).
Kojamo is a private residential real estate company based in Helsinki, Finland.
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