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2016-05-17

Aspo Oyj: Aspo's EUR 25 million hybrid bond more than two times oversubscribed

ASPO Plc STOCK EXCHANGE RELEASE May 17, 2016 at 17:50

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, CANADA, NEW ZEALAND, AUSTRALIA, JAPAN, HONG KONG, SINGAPORE OR
SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL.

ASPO'S EUR 25 MILLION HYBRID BOND MORE THAN TWO TIMES OVERSUBSCRIBED

Aspo Plc ("Aspo" or the "Company") successfully placed EUR 25 million hybrid
bond on May 17, 2016 (the "new hybrid bond
"). The new hybrid bond was more than two times oversubscribed and was
allocated to a wide investor group. The new hybrid bond is expected to be
issued on May 27, 2016.

"The interest from the investors towards the transaction shows confidence
towards the strategy and east markets knowhow of Aspo Group", says Aki
Ojanen, CEO of Aspo.

The initial coupon rate of the new hybrid bond is fixed at 6.75 percent per
annum, but it will be subject to a coupon reset on each 4th anniversary of
the issue date of the new hybrid bond. The new hybrid bond has no specified
maturity date, but Aspo may exercise its redemption option on the 4th
anniversary of the issue date of the new hybrid bond and on each annual
interest payment date thereafter.

The launch of the voluntary cash tender offer announced on May 13, 2016 by
Aspo for its outstanding hybrid bond issued in November 2013 (the "2013
hybrid bond
") is conditional upon the successful issue of the new hybrid bond, and Aspo
considers it has received indications of a sufficient amount of subscriptions
for the new hybrid bond to proceed with the tender offer. As a result, in the
absence of any unforeseen development, Aspo expects that it will complete the
tender offer in accordance with, but subject always to, the terms and
conditions of the tender offer contained in the tender offer memorandum dated
May 13, 2016.

A hybrid bond is an instrument that is subordinated to the company's other
debt obligations and that is treated as equity in the Group's IFRS financial
statements. The hybrid bond does not confer to its holders the rights of a
shareholder and does not dilute the holdings of the current shareholders.

Aspo has appointed Danske Bank Oyj as the sole lead manager in connection with
the issue of the new hybrid bond and Danske Bank Oyj as tender agent and
dealer manager in connection with the tender offer.

Aspo would use the proceeds from the issue of the new hybrid bond to finance
the repayment of its outstanding EUR 20 million 2013 hybrid bond and for
general purposes of the Aspo Group.

ASPO Plc

Aki Ojanen
CEO

Further information:

Harri Seppälä, Aspo Plc, Group Treasurer, +358 9 5214035, +358 400 617201,
harri.seppala (a) aspo.com

Distribution:

Nasdaq Helsinki
Key Media
www.aspo.com

Aspo is a conglomerate that owns and develops business operations in Northern
Europe and growth markets focusing on demanding B-to-B customers. Our strong
company brands - ESL Shipping, Leipurin, Telko and Kauko - aim to be the
market leaders in their sectors. They are responsible for their own
operations, customer relationships and the development of these. Together
they generate Aspo's goodwill. Aspo's Group structure and business operations
are continually developed without any predefined schedules.

DISTRIBUTION RESTRICTIONS

The distribution of this release and the invitation to tender the outstanding
capital securities is prohibited by law in certain countries. The tender
offer is not made to the public either inside or outside of Finland. Persons
resident outside of Finland may receive this release, the tender offer
memorandum and any other information and materials relating to the tender
offer only in compliance with applicable exemptions or restrictions. Persons
into whose possession this release, the tender offer memorandum or any other
such information or materials may come are required to inform themselves
about and comply with such restrictions. This release, the tender offer
memorandum or any other such information or materials may not be distributed
or published in any country or jurisdiction if such distribution or
publication would constitute a violation of the relevant laws of such
jurisdiction or would require actions under the laws of a state or
jurisdiction other than Finland, including the United States, Australia,
Canada, Hong Kong, South Africa, Singapore and Japan. The information
contained in this release shall not constitute an offer to sell or tender, or
a solicitation of an offer to buy or sell, the capital securities to any
persons in any jurisdiction in which such offer, solicitation or sale or
tender would be unlawful. None of Aspo or the tender agent or any of their
respective affiliates and representatives assumes any legal responsibility
for such violations, regardless of whether or not the parties contemplating
investing in or divesting any capital securities are aware of these
restrictions.

United States: The tender offer is not being made, and will not be made,
directly or indirectly in or into, or by use of the mails of, or by any means
or instrumentality of interstate or foreign commerce of or of any facilities
of a national securities exchange of, the United States or to any U.S. Person
(as defined in Regulation S of the US Securities Act of 1933, as amended (the
"U.S. Securities Act") (each a "U.S. Person")). This includes, but is not
limited to, facsimile transmission, electronic mail, telex, telephone, the
internet and other forms of electronic communication. The capital securities
may not be tendered in the tender offer by any such use, means,
instrumentality or facility from or within the United States or by persons
located or resident in the United States or by, or by any person acting for
the account or benefit of, a U.S. Person. Accordingly, copies of this
release, the tender offer memorandum and any other documents or materials
relating to the tender offer are not being, and must not be, directly or
indirectly mailed or otherwise transmitted, distributed or forwarded
(including, without limitation, by custodians, nominees or trustees) in or
into the United States or to any persons located or resident in the United
States or to any U.S. Person. Any purported tender of capital securities in
the tender offer resulting directly or indirectly from a violation of these
restrictions will be invalid and any purported tender of the capital
securities made by a person located in the United States or any agent,
fiduciary or other intermediary acting on a non-discretionary basis for a
principal giving instructions from within the United States will be invalid
and will not be accepted.

For the purposes of this paragraph, United States means the United States of
America, its territories and possessions (including Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands), any state of the United States of America and the District of
Columbia.

United Kingdom: This release, the tender offer memorandum and any other offer
material relating to the tender offer are each intended to be a communication
falling within section 21(1) of the UK Financial Services and Markets Act
2000 (as amended (the "FSMA")) having the benefit of an exemption to the
applicable restrictions regarding financial promotion pursuant to Articles 19
and 43 of the UK Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order"). This release, the tender
offer memorandum and any such other offer material relating to the tender
offer may only be distributed to and is only directed at (i) persons who are
outside the United Kingdom or (ii) investment professionals falling within
Article 19(5) of the Order or (iii) high net worth companies, and other
persons to whom it may lawfully be communicated, falling within Article
49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above
together being referred to as "relevant persons"). Any invitation, offer or
agreement to purchase or otherwise acquire such securities will be engaged in
only with, relevant persons. Any person who is not a relevant person should
not act or rely on this release the tender offer memorandum or any such
offering material or any of their contents. For the avoidance of doubt,
neither this release, the tender offer memorandum nor any such other offer
material relating to the tender offer has been or will be approved by an
authorised person for the purposes of section 21(1) of the FSMA.

General: Neither this release nor the tender offer memorandum constitutes an
offer to buy or the solicitation of an offer to sell the capital securities
(and tenders of the capital securities in the tender offer will not be
accepted from holders thereof) in any circumstances in which such offer or
solicitation is unlawful. In those jurisdictions where any securities,
investor protection or other laws require the tender offer to be made by a
licensed broker or dealer and any dealer manager or any of its affiliates is
such a licensed broker or dealer in any such jurisdiction, the tender offer
shall be deemed to be made by such dealer manager or such affiliate, as the
case may be, on behalf of the offeror in such jurisdiction(s).

In addition to the representations referred to above in respect of the United
States, each holder of capital securities participating in the tender offer
will also be deemed to give certain representations, acknowledgements,
warranties and undertakings and make certain agreements in respect of the
other jurisdictions referred to above and generally as set out in the tender
offer memorandum. Any tender of capital securities for purchase pursuant to
the tender offer from a holder that is unable to make these representations
or agreements will not be accepted. Each of Aspo and the tender agent
reserves the right, in its absolute discretion, to investigate, in relation
to any tender of capital securities for purchase pursuant to the tender
offer, whether any such representation given by a holder thereof is correct
and, if such investigation is undertaken and as a result Aspo determines (for
any reason) that such representation is not correct, such tender shall not be
accepted.

DISCLAIMER

This release is for information purposes only and is not to be construed as an
offer to purchase or sell or a solicitation of an offer to purchase or sell
with respect to any securities of Aspo. The distribution of this release and
the related material concerning the issuance of the new hybrid bonds are
prohibited or restricted by law in certain countries. The new hybrid bonds
are not being and will not be offered to the public either inside or outside
of Finland. Persons resident outside of Finland may receive this release and,
if Aspo decides to proceed with the issue of the n...

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