PARETO ADVISES JOTUL HOLDINGS ON THE SUCCESSFUL PLACEMENT OF A NOK 250 MILLION FULLY UNDERWRITTEN SENIOR SECURED BOND

Pareto Securities has advised Jotul Holdings S.à r.l., a special purpose vehicle established by funds controlled by OpenGate Capital Management, LLC, on placing a 4-year NOK 250 million senior secured bond (the “Bonds”). The proceeds from the transaction will be used to help finance the acquisition of Jøtul A/S, a leading manufacturer of residential stoves and fireplaces, from Ratos AB.

The Bonds, maturing in January 2022, will bear a floating rate coupon of 3 month NIBOR + 7.00 per cent, with interest paid quarterly. The Bonds will be listed on a regulated market within 12 months of the issue date.

The transaction marks the first time a Nordic high yield bond has been placed successfully on a fully underwritten basis in conjunction with a competitive auction process, providing the bidder with certainty of funds and eliminating the need for a bridge financing. The transaction was well received by the market and was placed with a combination of institutional and private investors from Norway and Sweden.

Pareto Securities acted as Sole Bookrunner in connection with the bond issue.

For more information, please contact:

Mats Carlsson, CEO, +46 8 402 52 86

Markus Wirenhammar, Head of Debt Capital Markets, +46 70-872 51 86

Pareto Securities is an independent full service investment bank with a leading position in the Nordic capital markets and a strong international presence within the energy sector. Pareto Securities AB offers Swedish and foreign institutions, companies and private individuals investment services related to trading in stocks, shares in SPV’s and fixed income instruments, wide coverage both within equity- and credit research. Furthermore, Pareto Securities corporate finance offers ECM, M&A and DCM services as well as arrangement and syndication of new investment projects, arrangement and syndication of sale and leaseback structures within real estate, infrastructure and shipping/offshore. Pareto Securities AB is part of the Pareto Securities group and is headquartered in Oslo, Norway, with more than 400 employees located in offices in Norway, Sweden, Denmark, Finland, United Kingdom, France, Germany, USA, Singapore and Australia.

About Us

Pareto Securities is an independent full service investment bank with a leading position in the Nordic capital markets and a strong international presence within the energy sector. Pareto Securities AB offers Swedish and foreign institutions, companies and private individuals investment services related to trading in stocks, shares in SPV’s and fixed income instruments, wide coverage both within equity- and credit research. Furthermore, Pareto Securities corporate finance offers ECM, M&A and DCM services as well as arrangement and syndication of new investment projects, arrangement and syndication of sale and leaseback structures within real estate, infrastructure and shipping/offshore. Pareto Securities AB is part of the Pareto Securities group and is headquartered in Oslo, Norway, with more than 400 employees located in offices in Norway, Sweden, Denmark, Finland, United Kingdom, France, Germany, Switzerland, USA, Singapore and Australia.

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