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Update: NoHo Partners issue EUR25m hybrid bond


Thursday 21st March 17:19

NoHo Partners Plc issues EUR 25 million hybrid bond

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

NoHo Partners Plc issues a EUR 25 million hybrid bond. The coupon of the hybrid bond is fixed 9.000 percent per annum until 29 March 2022, but it will be subject to a coupon reset on each third anniversary of the issue date of the hybrid bond. The hybrid bond does not have a maturity date but the issuer is entitled to redeem the hybrid bond for the first time on 29 March 2022, and subsequently, on each coupon interest payment date. NoHo Partners Plc will use the proceeds of the hybrid bond in accordance with its strategy, including possible international and domestic acquisitions, for the repayment of certain existing liabilities in the amount of approximately EUR 5 million, including the repayment of certain loans granted by the Lead Manager, as well as for general corporate purposes.

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

Aku Vikström, CEO of NoHo Partners Plc:

"We are pleased with the investors' demand for our hybrid bond and thank our investors for placing their trust in our strategy of profitable growth. This arrangement will improve the capital structure of our company and create new opportunities for us to develop our business further both in Finland and in the international market."

Nordea Bank Abp is acting as Lead Manager for the transaction. Castrén & Snellman Attorneys Ltd acts as legal advisor to NoHo Partners Plc and the Lead Manager.

 

 Friday 15th March 2019 12:08  

 

 

NoHo Partners Plc considers issuance of a hybrid bond primarily for the purpose of financing its international and domestic expansion

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

NoHo Partners Plc is considering the issuance of an approximately EUR 20-30 million hybrid bond. The potential issue is expected to be launched in the near future subject to market conditions.

NoHo Partners Plc intends to use the proceeds of the hybrid bond for investments in accordance with its strategy, including possible international and domestic acquisitions, for the repayment of certain existing liabilities in the amount of approximately EUR 5 million, including the repayment of the certain loans granted by the lead manager, as well as for general corporate purposes.

NoHo Partners Plc is currently conducting negotiations in respect of potential Nordic acquisitions in the Restaurant business in accordance with its growth strategy, including acquisitions that would expand NoHo Partners Plc's operations into new countries. There is however no certainty that such negotiations will be successful.

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

The hybrid bond issue would strengthen the company's capital structure and financial position. The maturity profile of NoHo Partners Plc's interest-bearing debt as at 31 December 2018 is presented below:
 

 

(EUR thousand)  

2019  

2020  

2021  

2022  

2023-2024  

Interest-bearing debt  

53,140  

24,260  

21,461  

20,298  

24,471  


Nordea Bank Abp acts as the lead manager for the transaction. Castr
én & Snellman Attorneys Ltd acts as the legal advisor to NoHo Partners Plc.

 

 



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