Stockmann issues EUR 250 million notes

Report this content

STOCKMANN plc, Inside Information 29.11.2017 at 19:30 EET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Stockmann plc ("Stockmann") issues senior secured notes in principal amount of EUR 250 million (the "Notes"). The Notes will mature on 11 January 2022 and carry a fixed annual interest of 4.75 per cent. The offering was allocated to 115 investors.

The Notes are a part of Stockmann’s new long-term financing which was announced on 16 November 2017. The proceeds from the offering will be used for the early redemption of the existing notes due 2018 and the refinancing of other existing financial indebtedness. The proceeds from the Notes in excess of EUR 200 million will correspondingly decrease the amount of term loans to be drawn under the new bank facilities.

“I am satisfied with the strong market interest for the Notes and the successful outcome of the Group’s long-term refinancing. This gives us further confidence to execute our strategy. We are progressing as planned with the turnaround and our guidance for 2017. For example, in the past 12 months, Stockmann Retail’s operating result improved by EUR 36 million and we had an encouraging beginning for the Christmas season with strong Black Friday sales last weekend. Actions to improve Lindex’s collections and profitability are also progressing well”, says CEO Lauri Veijalainen.

Stockmann will submit an application to have the Notes listed on Nasdaq Helsinki Ltd.

Danske Bank A/S, Nordea Bank AB (publ) and OP Corporate Bank plc act as Coordinators and together with DNB Bank ASA, Svenska Handelsbanken AB (publ) and Swedbank AB (publ) as Lead Managers for the issue of the Notes.

Further information:
Lauri Veijalainen, CEO, tel. +358 9 121 5062
Kai Laitinen, CFO, tel. +358 9 121 5800

www.stockmanngroup.com

STOCKMANN plc

Lauri Veijalainen
CEO

Distribution:
Nasdaq Helsinki
Principal media

Disclaimer
This announcement 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 Stockmann. No actions have been taken to register or qualify the Notes, or otherwise to permit a public offering of the Notes, in any jurisdiction.

The distribution of this announcement may, in certain jurisdictions, be restricted by law. This announcement and any material or documentation related to the issuance of the Notes may be received only in compliance with applicable exemptions or restrictions. This announcement and any such material or documentation may not be distributed or published in any jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction or would require actions under the laws of such jurisdiction. Persons into whose possession this announcement or any such material or documentation may come are required to inform themselves of and observe all such restrictions. Stockmann nor the Lead Managers nor their representatives accept any legal responsibility for any violation by any person, whether or not the persons contemplating investing in or divesting Stockmann's securities including the Notes are aware of such restrictions.

Any securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and any such securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of any U.S. person (as such terms are defined in Regulation S under the Securities Act).

Subscribe