Commentary & Deal Flow

Reoffer: 4NC2: 3mE+435bp / 100

Launched: 4NC2: €150m @ 3mE+435bp
Guidance: 4NC2: 3mE+435/450bp - Books over €350m
IPTs: 4NC2: 3mE+450/475bp

• Issuer: YIT Corporation (Ticker: YITYH, Country: FI)
• LEI: 529900M13GM4VSTE6W80
• Rating: Unrated
• Size: €150m
• Format: Senior secured (pari passu with all other secured debt), green notes
• Security: Shared security pool with existing bank lending facilities and secured bonds
• Reoffer: 100% / 3mE + 435bps
• Coupon: 3-month EURIBOR + 435bps, payable quarterly (ACT/360 basis)
• Settlement Date: 15-May-26 (T+6)
• Maturity Date: 15-May-30 (4Y)
• Denominations: €100,000 / €1,000
• Early Redemption: 4NC2, thereafter callable in full at 102.175%/101.740%/101.305%/100.870%/100.435% after 24/30/36/42/45 months, Make-Whole Call prior to the First Call Date, Issuer Clean-Up Call at par if 25% or less of the Notes remain outstanding
• Financial Covenants: Maintenance: Equity Ratio ≥ 25% Incurrence: Interest Cover Ratio ≥ 2.0x for Financial Indebtedness
• Undertakings: Limitation on Financial Indebtedness (incurrence test), Distributions (max 50% of previous year’s net profit, EUR 100m liquidity post dividend), Change of Control and Demerger Event Put @ 100%, All-Money Negative Pledge, Disposal restrictions, Cross-Default, Reporting Requirements
• Use of Proceeds: An amount equivalent to the net proceeds from the issue of the Notes will be used for (i) the refinancing of the 2027 Notes and (ii) the refinancing of other existing Financial Indebtedness of the Issuer. An amount equivalent to the net proceeds from the issue of the Notes will be used for the financing or refinancing eligible green projects or assets or otherwise in accordance with the Issuer’s Green Finance Framework
• Documentation: Standalone Prospectus, RegS only
• Governing Law: Finnish Law
• Listing / Clearing: Nasdaq Helsinki / Euroclear Finland
• Agents: CSC (Noteholders’ Agent) and Nordic Trustee (Security Agent)
• ISIN: FI4000602297
• JLMs: Danske Bank, Nordea, OP Corporate Bank (B&D), SEB and Swedbank (in collaboration with SB1 Markets as distributor)
• Sustainability Structurer: Danske Bank
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients and retail clients (all distribution channels). No PRIIPs KID will be produced as not deemed within scope
• Timing: TOE 15:12 CEST / FTT 15:12 CEST