Commentary & Deal Flow

Launched: Long 6yr: €300m @ MS+105bp - Books above €950m (excl JLM)
IPTs: 6yr: MS+130/135bp

• Issuer: Tornator Oyj
• LEI: 743700HAOL35VNKK1711
• Issuer Senior Secured Rating: Baa3 (stable) by Moody's
• Issue Rating (exp.): Baa3 by Moody's
• Status: Senior Secured (pari passu with secured bank loans and bonds), Green, Reg S
• Amount: €300 million
• Settlement: 23-Sep-26
• Maturity: 23-Jan-33 (Long 6 years)
• Coupon: FXD, Annual, Act/Act (ICMA), short first
• Use of Proceeds: The proceeds will be used to refinance Tornator’s existing indebtedness, including to redeem the €350m 1.250% Notes due 14-Oct-26 (ISIN: FI4000442108). An amount equivalent to the net proceeds of the Notes will be used for financing and/or refinancing of Eligible Green Assets in accordance with the Issuer’s Green Finance Framework.
• Optional Redemption: 3-month par call (100%), Make-Whole Call and Clean-up call at par (75%)
• Covenants: Asset disposal restrictions, insurances, information undertakings, Change of control (investor put at 100%), Cross-default (cross-acceleration, non-payment), Loan to Security Asset Value <70% (maintenance), Enforcement of Transaction Security
• Documentation: Standalone
• Governing Law: Finnish Law
• Listing: Nasdaq Helsinki
• Denominations: €100,000 + €100,000
• Clearing: Euroclear Nordics
• ISIN: FI4000609631
• Joint Bookrunners: Danske Bank, OP Corporate Bank (B&D) and SEB
• Noteholders' Agent: Nordic Trustee
• Target Market: Target market (MIFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs KID will be produced as not deemed within scope.
• Marketing: A pre-recorded investor presentation (including voiceover) and Preliminary Prospectus have been made available at https://dealroadshow.finsight.com (Entry code: TORNATOR26) or direct link: https://dealroadshow.finsight.com/e/TORNATOR26
• Advertisement: The Prospectus, when published, will be available on the website of the Issuer and at the FIN-FSA's website at: https://www.finanssivalvonta.fi/en/registers/register-of-prospectuses/
• Timing: Books open, Today's business
• Books Subject: 11.50 UKT / 12.50 CET
• Allocation: Allocation and pricing this afternoon