Elenia Verkko Oyj Completion of the Elenia Reorganisation (4398S)

TIDM91VA

RNS Number : 4398S

Elenia Verkko Oyj

08 July 2020

Elenia Verkko Oyj

8 July 2020

Completion of the Reorganisation of the Elenia group of companies

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), Lakeside Network Investments S.à r.l. and Elenia Investments S.à r.l.

Elenia Verkko Oyj (formerly Elenia NewCo Oyj) announces the completion of the 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").

As a result of the Reorganisation, Elenia Verkko Oyj has become the principal operating company in the Elenia group of companies, and has as of 1 July 2020 substituted Elenia Finance Oyj as the issuer in respect of the outstanding notes issued under the existing EUR3,000,000,000 Multicurrency Programme for the Issuance of Bonds (the "Programme"). As of 8 July 2020, the guarantors under the Programme comprise Elenia Oy (formerly Elenia Palvelut Oy), Lakeside Network Investments S.à r.l. and Elenia Investments S.à r.l.

Standard & Poor's has released a statement in relation to the merger of Elenia Finance Oyj with and into Elenia Verkko Oyj as part of the Reorganisation, confirming that the BBB+ (stable) rating of bonds and notes issued by Elenia Finance Oyj will remain the same post-merger. 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 the former Elenia Oy, which has now been cancelled as a result of the former Elenia Oy having merged with and into Elenia Verkko Oyj as part of the Reorganisation.

The key purposes of the Reorganisation have been to simplify, reduce administration-related costs and make more transparent the structure of the Elenia group of companies, including by removing legacy holding and financing companies that are no longer required for the efficient running of the day-to-day operations of the Elenia group of companies and thereby reducing the administrative burden and maintenance expenses related to those companies, as well as by 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.

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

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July 08, 2020 10:14 ET (14:14 GMT)

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