TIDM91VA
RNS Number : 6885R
Elenia Finance Oyj
01 July 2020
Elenia Verkko Oyj
1 July 2020
Substitution of Elenia Finance Oyj as the issuer as a result of
the completion of the mergers of Elenia Oy and Elenia Finance Oyj
with and into Elenia Verkko Oyj (formerly Elenia NewCo Oyj)
Elenia Verkko Oyj (formerly Elenia NewCo Oyj) EUR3,000,000,000
Multicurrency Programme for the Issuance of Bonds, unconditionally
and irrevocably guaranteed by Elenia Oy (formerly Elenia Palvelut
Oy), Elenia Holdings S.à r.l., Elenia Finance (SPPS) S.à r.l.,
Lakeside Network Investments Holding B.V., Lakeside Network
Investments S.à r.l., and Elenia Investments S.à r.l.
Elenia Verkko Oyj announces the completion of the statutory
mergers of Elenia Oy and Elenia Finance Oyj with and into Elenia
Verkko Oyj (the "Mergers"), effective as of 1 July 2020. The
Mergers were announced on 14 February 2020 and carried out as part
of the ongoing reorganisation of the Elenia group of companies
announced on 4 November 2019 and approved by creditors by way of
STID Proposal, as announced on 28 November 2019 (the
"Reorganisation").
Effective as of completion of the Mergers on 1 July 2020, Elenia
Verkko Oyj has become the principal operating company in the Elenia
group of companies, as well as assumed the rights and obligations
of Elenia Finance Oyj as the issuer in respect of the outstanding
notes listed below, issued under the existing EUR3,000,000,000
Multicurrency Programme for the Issuance of Bonds (the
"Programme"), and become the new issuer under the Programme by way
of substitution. Standard & Poor's has released a statement in
relation to the merger of Elenia Finance Oyj with and into Elenia
Verkko Oyj confirming that the BBB+ (stable) rating of bonds and
notes issued by Elenia Finance Oyj will remain the same
post-merger.
ISIN Description of outstanding Notes
------------- -----------------------------------------------------------------------------
XS1352122375 EUR50,000,000 Fixed Rate Guaranteed Bonds due January 2031
XS1476763443 EUR30,000,000 Fixed Rate Guaranteed Bonds due August 2034
XS1678466969 EUR75,000,000 Fixed Rate Guaranteed Bonds due September 2034
XS1081230523 EUR120,000,000 Fixed Rate Guaranteed Bonds due July 2026
XS1837142444 EUR161,000,000 Fixed Rate Guaranteed Bonds due June 2035
XS1089247487 EUR25,000,000 Floating Rate Guaranteed Bonds due August 2029
XS1005287203 EUR150,000,000 4.102% Fixed Rate Guaranteed Bonds due December 2030
XS1086080642 EUR20,000,000 Fixed Rate Guaranteed Bonds due July 2026
XS1105440496 EUR13,000,000 Fixed Rate Guaranteed Bonds due September 2034
XS1005068587 EUR500,000,000 2.875% Fixed Rate Guaranteed Bonds due December 2020
XS2113885011 EUR500,000,000 0.375 per cent. Fixed Rate Guaranteed Bonds due February 2027
XS1402336173 EUR27,000,000 Fixed Rate Guaranteed Bonds due May 2029
Due to the changes in the group structure resulting from the
Reorganisation, the Finnish Energy Authority has issued a new
network license to Elenia Verkko Oyj on equal terms as the license
previously held by Elenia Oy, which has now been cancelled as a
result of the Mergers.
In addition, the composition of the Board of Directors of each
of Elenia Verkko Oyj and Elenia Oy (formerly Elenia Palvelut Oy)
have been updated to reflect the new group structure. Effective in
each case as of 1 July 2020, the Board of Directors of Elenia
Verkko Oyj will comprise Tapani Liuhala (Chairman), Jarkko Kohtala,
Jorma Myllymäki, Alli Seppänen, Ville Sihvola and Tommi Valento,
and the Board of Directors of Elenia Oy (formerly Elenia Palvelut
Oy) will comprise Timo Rajala (Chairman), Mark Braithwaite, Eduard
Fidler, Tapani Liuhala, Thomas Metzger, Jorma Myllymäki, Sirpa
Ojala and Michael Pfennig. In addition, Tapani Liuhala will serve
as the Managing Director of both companies. The composition of the
Board of Directors of each of the other two remaining guarantors
under the Programme following completion of the Reorganisation,
being Lakeside Network Investments S.à r.l. and Elenia Investments
S.à r.l., will remain unchanged.
The completion of the Mergers is an important step towards
completing the Reorganisation, the key purposes of which include
bringing the operating assets and the cash flows of the networks
business within the same group entity as interest costs and
financing cash flows, resulting in a simpler and more reliable
servicing of debt. The remaining steps of the Reorganisation are
scheduled to be completed by 31 July 2020.
Further information regarding the Reorganisation is included in
the prospectus published by Elenia Finance Oyj on 22 January 2020,
available at
https://www.elenia.com/sites/lnicom/files/attachments/Prospectus%2021%20January%202020.pdf.
For further information, please contact:
Mr Tommi Valento
Chief Financial Officer
Töölönkatu 4
00100 Helsinki
FINLAND
TEL: +358 40 720 8951
DISCLAIMER - INTENDED ADDRESSEES
This announcement is a communication to the market. Nothing in
this announcement constitutes an offer of securities for sale in
the United States or any other jurisdiction. This announcement does
not constitute a prospectus or a prospectus equivalent
document.
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End.
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END
MSCMZGGNRMDGGZG
(END) Dow Jones Newswires
July 01, 2020 04:18 ET (08:18 GMT)
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