Tornator Oyj Successfully Issues EUR 300 Million Green Notes
Tornator Oyj Successfully Issues EUR 300 Million Green Notes
Tornator Oyj
Tornator Oyj has made headlines with the issuance of its inaugural rated senior secured green notes, totaling EUR 300 million. This significant financial move is part of the company's commitment to sustainable forestry and its ongoing efforts to generate sustainable wellbeing from its forest resources.
The Notes, carrying a fixed annual interest rate of 3.75%, are set to mature on 17 October 2031. This financial instrument is aligned with Tornator's green finance framework, a comprehensive strategy that emphasizes responsible investment in environmental initiatives which was launched in April 2023.
Financial Security and Future Plans
The funds raised from this issuance will be instrumental in prepaying a green bank loan previously secured by Tornator, amounting to EUR 200 million, which is due in March 2026. Such funding strategies not only enhance Tornator's financial strategy but also reinforce its commitment to sustainability while optimizing financial liability.
Credit Ratings and Investor Confidence
Moody’s Ratings has granted a Baa3 credit rating to these notes, signaling a stable outlook. This rating is notable, reflecting investors' confidence fostered by Tornator's sustainable forestry practices. Chief Financial Officer Antti Siirtola remarked on the transaction's success, highlighting the unusually strong interest from foreign investors and the significance of long-term financing in Tornator's business model.
Community and Environmental Impact
Tornator operates across Finland, Estonia, and Romania, managing an extensive portfolio of forest properties. With a turnover of approximately €195 million in 2023 and a balance sheet value around €3.6 billion, the company supports local economies by generating significant employment both internally and externally. The company employs around 190 people, while over 1,600 person-years of employment are generated through various partnerships on its forest lands. This holistic approach not only benefits the environment but also contributes to community welfare.
Commitment to Sustainable Forestry
As a leader in sustainable forestry practices, Tornator emphasizes forest management that enhances ecological integrity. The recently issued notes symbolize more than just financing; they represent a commitment to operate sustainably while driving shareholder value. Tornator is dedicated to utilizing its financial resources in ways that support both the environment and economic stability.
Conclusion
With plans to list the Notes on the official list of sustainable bonds at Nasdaq Helsinki Ltd, Tornator Oyj is set on a path where financial growth meets environmental stewardship. This issuance marks a milestone in the company's journey and is a proud moment for its stakeholders.
For further inquiries, Tornator's CFO Antti Siirtola can be reached directly via telephone.
Frequently Asked Questions
What are the key features of Tornator's green notes?
The green notes issued by Tornator total EUR 300 million with a fixed interest rate of 3.75%, maturing in October 2031.
How will the proceeds from the green notes be used?
The proceeds will primarily be used to prepay an existing green bank loan and support sustainable projects outlined in Tornator's green finance framework.
What is the significance of the Baa3 credit rating?
The Baa3 credit rating from Moody's suggests a stable outlook, indicating that Tornator enjoys investor confidence due to its sustainable practices.
What regions does Tornator operate in?
Tornator manages forests in Finland, Estonia, and Romania, focusing on sustainable forestry and environmental responsibility.
How has this issuance impacted Tornator's business strategy?
This issuance allows Tornator to optimize its financial liabilities while ensuring its commitment to sustainable practices continues, benefiting both the company and the environment.
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