Vantaa, Finland, 2016-11-14 09:30 CET (GLOBE NEWSWIRE) --
Cramo Plc Stock Exchange Release 14 November 2016 at 10.30 Finnish time (EET)
Cramo considers issuance of a New Bond and announces Voluntary Tender Offer of its outstanding bond maturing in 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Nordea Bank Danmark A/S (the “Offeror”) today announces that it invites the holders of the EUR 100 million 4.50% notes due February 2018 (ISIN: FI4000051065) (the “Notes”), issued by Cramo, to tender the Notes for cash on the terms and conditions set out in the Tender Offer Memorandum dated 14 November 2016 (the “Offer”).
Pursuant to the Offer, the Offeror proposes to accept for purchase any and all of the Notes, although the Offeror reserves the right, in its sole discretion, to decide on acceptance of the Notes, including not to accept any Notes.
Cramo also announces its intention to issue EUR 100-150 million new euro-denominated fixed rate notes with a long 5 year maturity (the “New Notes”). Whether the Offeror will accept for purchase any Notes validly tendered is subject to, without limitation, the pricing of the issue of the New Notes and the signing by the Joint Lead Managers and Cramo of an issuance agreement. The purchase price of the Notes is EUR 1,052.61 per EUR 1,000.00 in principal amount of the Notes. Accrued and unpaid interest will be paid in respect of all Notes validly tendered and delivered and accepted for purchase.
The Offer period begins on 14 November 2016 and closes at 16:00 Finnish time (EET) on 22 November 2016. The Offer results will be announced as soon as possible following the close of the Offer period and in no case later than 29 November 2016. The settlement date is subject to the execution of the New Notes, however in no case later than 2 December 2016.
A noteholder that wishes to subscribe for New Notes in addition to tendering Notes for cash pursuant to the Offer may receive priority in the allocation of the New Notes (the “New Issue Allocation”). The New Issue Allocation may be given for an aggregate nominal amount of New Notes up to the aggregate nominal amount of Notes subject to a noteholder's valid tender instruction where an allocation of New Notes is also requested. New Issue Allocations will not be subject to pro rata scaling. If any noteholder wishes to subscribe for New Notes it must make an application to subscribe for such New Notes to any of the Joint Lead Managers of the New Notes.
The purpose of the arrangement is to proactively manage upcoming debt redemptions and to extend the average debt maturity profile for the Company.
Nordea Bank Danmark A/S acts as Offeror and Dealer Manager and Nordea Bank Finland Plc acts as Tender Agent for the Offer. Information in respect of the Offer may be obtained from the Offeror and Dealer Manager: email: NordeaLiabilityManagement@nordea.com / tel: +45 6161 2996.
Nordea Bank Finland Plc and OP Corporate Bank plc act as Joint Lead Managers for the issue of the New Notes.
Castrén & Snellman Attorneys Ltd acts as sole legal counsel in relation to the Offer and issue of the New Notes.
CRAMO PLC
Leif Gustafsson President and CEO
Further information:
Mr Leif Gustafsson, President and CEO, tel: +358 10 661 10 Mr Aku Rumpunen, Interim CFO, tel: +358 10 661 10, +358 40 556 3546 Mr Mattias Rådström, SVP, Communication, Marketing and Investor Relations, tel: +46 70 868 7045
Distribution: Nasdaq Helsinki Ltd. Principal media www.cramo.com
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in fifteen countries and in about 330 depots. With a group staff around 2.500, Cramo's consolidated sales in 2015 was EUR 668 million. Cramo shares are listed on the Nasdaq Helsinki Ltd.
Read more: www.cramo.com , www.twitter.com/cramogroup
Disclaimer
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein 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.
The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, South Africa or New Zealand. These written materials do not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.
This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who 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") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.
