NoHo Partners Plc has completed the financing arrangements for the duration of the exceptional situation
NoHo Partners Plc
STOCK EXCHANGE RELEASE 29 May 2020 at 12:30
NoHo Partners Plc has completed the financing arrangements for the duration of the exceptional situation
NoHo Partners previously announced a financing package of EUR 34 million for the duration of the exceptional coronavirus pandemic situation. The company has now also finalised its refinancing programme for its maturing debt as part of its overall financing package. As the final part of the financing package, the company has agreed on a debt of EUR 10 million with a right to conversion with the Finnish Industry Investment Ltd (Tesi). The financing is for stabilisation provided by Tesi in the coronavirus situation.
Earlier this week, the company announced that it has continued its commercial paper programme in respect of the EUR 22 million debts falling due in May 2020 as regards EUR 12.5 million until autumn 2020. A total of EUR 9.5 million of the debt has been repaid.
“The financing negotiations for the duration of the coronavirus crisis have now been completed. This financing package will ensure the sufficiency of our cash reserve during this exceptional situation, and now we can concentrate on the resumption of our business and financing our operations through our cash flow,” says Aku Vikström, CEO of NoHo Partners.
Tesi’s debt does not require collateral and it will fall due 18 months after the drawdown of the debt. The annual interest of the debt is 10%. Interests will fall due on the due date together with the principal (PIK). It is possible to repay the debt partly or in full before the due date.
Tesi has the right, but not the obligation, to convert the debt and its interests partly or in full into a maximum of 2,400,000 NoHo Partners Plc’s new shares in one or more instalments at any time after the due date. In a conversion situation, the conversion price per share is the average share price in Nasdaq Helsinki weighted with trading volumes of the previous three months before the conversion grounds.
More information is available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655
Distribution:
Nasdaq Helsinki
Major media
www.noho.fi
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. Well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.
NoHo Partners corporate website: www.noho.fi
NoHo Partners consumer website: www.ravintola.fi