Stockmann plc is considering the issuance of a hybrid bond. The potential issue is expected to be launched in the near future subject to market conditions.
The funds received from the hybrid bond would be used for Stockmann’s general corporate purposes and refinancing of existing debt maturing in 2016. The hybrid bond would thus also contribute to the successful implementation of the company’s strategy.
A hybrid bond is an instrument which is subordinated to the company’s other debt obligations and which is treated as equity in the company´s consolidated financial statements prepared in accordance with the IFRS. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders.
Danske Bank A/S is acting as coordinator and Danske Bank A/S and Pohjola Bank plc as lead managers in the transaction. Roschier Attorneys Ltd acts as legal advisor to Stockmann.