Helsinki, Finland, 2013-05-31 11:00 CEST (GLOBE NEWSWIRE) --
YIT CORPORATION STOCK EXCHANGE RELEASE 31 May 2013 at 12.00 p.m. EEST
RESOLUTIONS OF THE NOTEHOLDERS’ MEETINGS OF YIT CORPORATION’S FIXED RATE NOTES
The noteholders’ meetings of the fixed rate notes of YIT Corporation (“YIT”) issued 26 March 2010 and 20 June 2011, YIT Corporation EUR 100,000,000 4.823 % Notes due 2015, ISIN FI4000012067 (further “Notes due 2015”) and YIT Corporation EUR 100.000.000 4,75 % Notes due 2016, ISIN FI4000026653 (further “Notes due 2016”), were held today on 31 May 2013.
Resolutions of the noteholders’ meeting of Notes due 2015
The noteholders’ meeting of Notes due 2015 resolved to approve the YIT’s Board of Directors’ proposal concerning the amendment of the condition of the Final Terms of the notes regarding the interest as defined in the general terms condition 7. According to the resolution the condition of the Final Terms of the notes regarding the interest as defined in the general terms condition 7.1 was resolved to be amended so that the payable coupon interest will be increased by 0.868 percentage points to 5.691 per cent. The amendment will enter into force from the interest payment date following closest to the implementation date of the partial demerger in accordance with the demerger plan dated 21 February 2013, i.e. estimated from 26 March 2014 onwards. The increased interest will thus be paid for the first time estimated on 26 March 2015. The amendment is conditional upon the YIT’s partial demerger being implemented materially in accordance with the demerger plan referred to above. The other condition for the amendment, being that the noteholders’ meeting accept without amendments the Board of Directors’ proposal to amend section “Other terms and conditions” of the Final Terms dated 19 March 2010 of the notes, has been fulfilled.
Further, the noteholders’ meeting of Notes due 2015 resolved to approve the YIT’s Board of Directors’ proposal concerning the amendment of the section “Other terms and conditions” of the Final Terms dated 19 March 2010 of the Notes due 2015. According to the resolution the section “Other terms and conditions” of the Final Terms dated 19 March 2010 of the Notes due 2015 was amended to read as follows:
”Effects of YIT’s partial demerger
Holders of Notes accept that the rights and obligations of the Issuer pursuant to the Base Prospectus, the documents incorporated therein by reference and the Final Terms in respect of this Series of Notes shall remain with YIT Corporation in the partial demerger carried out materially in accordance with the demerger plan dated 21 February 2013 and Caverion Corporation, the entity to be formed in said partial demerger, shall not have any secondary liability pursuant to Chapter 17, Section 16, Subsection 6 of the Finnish Companies Act (624/2006, as amended), or otherwise, towards the holders of Notes on the basis of the Issuer’s obligations under the Base Prospectus, the documents incorporated therein by reference and the Final Terms in respect of this Series of Notes.”
Resolutions of the noteholders’ meeting of Notes due 2016
The noteholders’ meeting of Notes due 2016 resolved to approve the YIT’s Board of Directors’ proposal concerning the amendment of the section of the Final Terms of the notes regarding the interest as defined in the general terms condition 7. According to the resolution the condition of the Final Terms of the notes regarding the interest as defined in the general terms condition 7.1 was resolved to be amended so that the payable coupon interest will be increased by 0.817 percentage points to 5.567 per cent. The amendment will enter into force from the interest payment date following closest to the implementation date of the partial demerger in accordance with the demerger plan dated 21 February 2013, i.e. estimated from 20 June 2014 onwards. The increased interest will thus be paid for the first time estimated on 20 June 2015. The amendment is conditional upon the YIT’s partial demerger being implemented materially in accordance with the demerger plan referred to above. The other condition for the amendment, being that the noteholders’ meeting accept without amendments the Board of Directors’ proposal to amend the section “Other terms and conditions” of the Final Terms dated 14 June 2011 of the notes, has been fulfilled.
Further, the noteholders’ meeting of Notes due 2016 resolved to approve the YIT’s Board of Directors’ proposal concerning the amendment of the section “Other terms and conditions” of the Final Terms dated 14 June 2011 of the Notes due 2016. According to the resolution the section “Other terms and conditions” of the Final Terms dated 14 June 2011 of the Notes due 2016 was amended to read as follows:
”Effects of YIT’s partial demerger
Holders of Notes accept that the rights and obligations of the Issuer pursuant to the Base Prospectus, the documents incorporated therein by reference and the Final Terms in respect of this Series of Notes shall remain with YIT Corporation in the partial demerger carried out materially in accordance with the demerger plan dated 21 February 2013 and Caverion Corporation, the entity to be formed in said partial demerger, shall not have any secondary liability pursuant to Chapter 17, Section 16, Subsection 6 of the Finnish Companies Act (624/2006, as amended), or otherwise, towards the holders of Notes on the basis of the Issuer’s obligations under the Base Prospectus, the documents incorporated therein by reference and the Final Terms in respect of this Series of Notes.”
Helsinki, 31 May 2013
YIT Corporation
Board of Directors
For further information, please contact:
Timo Lehtinen, CFO, YIT Corporation, tel. +358 45 670 0626, timo.lehtinen@yit.fi
Hanna-Maria Heikkinen, Vice President, Investor Relations, YIT Corporation, tel. +358 40 826 2172, hanna-maria.heikkinen@yit.fi
Janne Tallqvist, Group Treasurer, YIT Corporation, tel. +358 50 512 4913, janne.tallqvist@yit.fi
Distribution:
NASDAQ OMX Helsinki
Major media
www.yitgroup.com
DISCLAIMER
This announcement is not an offer of securities for sale in any jurisdiction.
No securities are being registered under the US Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of securities is being made in the United States.
This release includes forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this communication, including, without limitation, those regarding the demerger plan and its execution. By their nature, forward looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Such statements are based on numerous assumptions and may differ materially from (and be significantly more negative than) those made in, or suggested by, the forward-looking statements contained in this release.