Tornator issues EUR 50 million of new senior secured green notes

Tornator Oyj

Stock Exchange Release, 10 July 2023 at 4.00 PM 

Tornator issues EUR 50 million of new senior secured green notes

Tornator Oyj ("Tornator") has signed a new long-term debt arrangement with Manulife, a major global insurance and investment company as well as one of the leading forestland investors in the world. The new notes are issued under Tornator’s Green Finance Framework updated in April 2023, have a nominal amount of EUR 50 million, a fixed annual coupon of 5.188 % and maturity in 2035. These new notes are secured by certain forest properties owned by Tornator which form a dynamic security pool that secures also Tornator's other secured indebtedness.

The net proceeds from the issue shall be allocated in accordance with Tornator’s new Green Finance Framework, primarily to acquisitions of double certified (FSC® and PEFC) forest assets.

“This new funding instrument with a 12-year tenor is an excellent addition to Tornator’s debt portfolio. A very long maturity, Green labelling and appreciation for sustainable forestry have been shared interests between Tornator and Manulife and thus it has been a pleasure to co-operate with one of the leading forestland investors in the world”, says Antti Siirtola, Tornator’s CFO

Ken Cha, Manulife’s Head of European Corporate Finance, tells that ”Manulife is very pleased to have worked closely with Tornator management team and Danske team to provide long-term financing for the Company under its Green Finance Framework. We have been impressed with Tornator’s stewardship of its forest assets with long-term view which aligns well with Manulife’s investment strategy and philosophy”.

Danske Bank A/S acted as the Lead Manager for the issue. “We are extremely pleased about having been able to make the introduction between Tornator & Manulife and facilitate the process which resulted in an outcome fulfilling the interests of both parties: long-term investment/ funding towards sustainable forest management.”, comments Jenni Tuomaala, Head of DCM Origination Finland.

For further information, please contact:

CFO Antti Siirtola, tel. +358 40 773 0975

License code: FSC-C123368

Tornator is a leading specialist in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania. In 2022, the group’s net sales were some €165 million, and the balance sheet value was about €3.2 billion. The group has around 190 employees. Tornator's own employees, and other companies and their employees working on its forestland, add up to around 1,500 person/years of employment. The owners of the parent company are Finnish, mainly institutional investors. Tornator's mission is to generate sustainable well-being from forests.


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