NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES, OR THE CAPITAL SECURITIES, THE TENDER OFFER OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
YIT issues two EUR 100 million Green Bonds and EUR 100 million Green Capital Securities
YIT Corporation issues senior unsecured green notes of EUR 100 million with a maturity date in 2024 (the “2024 New Notes”) and senior unsecured green notes of EUR 100 million with a maturity date in 2026 (the “2026 New Notes”, and together with the 2024 New Notes, the “New Notes”) and EUR 100 million green capital securities (the “Capital Securities”). The 2024 New Notes mature on 31 March 2024, bear a floating interest rate of EURIBOR 3 months plus a margin of 3.100 per cent per annum, payable quarterly and have an issue price of 100 per cent. The 2026 New Notes mature on 15 January 2026, bear a fixed interest rate of 3.250 per cent per annum, payable annually and have an issue price of 100 per cent. The EUR 100 million Capital Securities bear a fixed interest rate of 5.750 per cent per annum until 31 March 2026 (the “Reset Date”), payable annually, and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the Capital Securities. The Capital Securities do not have a maturity date, but the company is entitled to redeem the Capital Securities on the Reset Date, and subsequently, on each interest payment date.
“This was an important achievement in managing upcoming debt redemptions and extending our average debt maturity profile. I am particularly delighted about the issuance of YIT’s first green notes and capital securities under our Green Finance Framework which supports our efforts in reaching our climate and sustainability targets,” says Ilkka Salonen, CFO at YIT.
YIT will apply for the listing of the New Notes and the Capital Securities on Nasdaq Helsinki Ltd. The proceeds from the issue of the New Notes and the Capital Securities will be used, less the costs and expenses incurred in connection with the issue, in accordance with YIT's Green Finance Framework, primarily for the repayment and refinancing of the company’s outstanding EUR 100 million 3.150 per cent notes due 2021 and EUR 150 million 4.250 per cent notes due 2023, that it will purchase pursuant to the tender offer and voluntary total redemption announced on 16 March 2021. In addition, with the transaction the company extends the average maturity profile of its outstanding debts.
Danske Bank A/S, Nordea Bank Abp and OP Corporate Bank plc act as Joint Lead Managers and Joint Bookrunners for the issue of the New Notes and the Capital Securities. Danske Bank A/S acts as the sole green structuring advisor.
Joint Lead Managers:
Danske Bank A/S, Nordea Bank Abp and OP Corporate Bank plc
Green Structuring Advisor:
Danske Bank A/S
Karo Nukarinen, SVP, Treasury, YIT Corporation, tel. +358 50 564 0920, email@example.com
Tommi Järvenpää, VP, Investor Relations, YIT Corporation, tel. +358 40 576 0288, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the New Notes or Capital Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. No actions have been taken to register or qualify the New Notes or the Capital Securities, or otherwise to permit a public offering of the New Notes or Capital Securities, in any jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The New Notes and Capital Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered, sold, pledged or otherwise transferred, 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) except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
This communication does not constitute an offer of New Notes or Capital Securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the New Notes or Capital Securities. Consequently, this communication is addressed to and directed only at persons in the United Kingdom in circumstances where provisions of section 21(1) of the Financial Services and Markets Act 2000 as amended, do not apply and are solely directed at persons in the United Kingdom who (a) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) persons falling within Article 49(2)(a) to (d) of the Order, or other persons to whom they may be lawfully communicated (all such persons together being referred to as “relevant persons”). This release is directed only at relevant persons and any person who is not a relevant person must not act or rely on this release or any of its contents.