SATO Corporation announces EUR 350 million senior unsecured bond issuance

May 24, 2019

SATO Corporation, Stock Exchange Release, 24th May 2019 at 18:35

SATO Corporation (“SATO”) today announces a EUR 350 million senior unsecured bond issuance. The bonds have been offered to European investors and are expected to be issued on or 31 May 2019.

The unsecured bonds have a 5-year maturity and will bear an annual fixed interest rate of 1.375 per cent. The net cash proceeds will be used for refinancing of existing indebtedness, including the tender offer for SATO’s EUR 300 million notes issued in 2016 and 2015, and general corporate purposes.

The bond issuance announced today is the first transaction issued under SATO’s EUR 1,500,000,000 EMTN programme established on 17 May 2019.

"The transaction attracted broad interest from domestic and other Nordic and European investors and the order book for the bonds was well oversubscribed, based on which we decided to increase the total amount of the bond issuance from a planned EUR 300 million to EUR 350 million", says SATO’s CFO Markku Honkasalo.

"We received good feedback from investor meetings regarding the solid development of our operative as well as financial key figures. The new bond issuance improves our liquidity position, lengthens the average loan maturity profile and at the same time supports the company’s growth ambitions by ensuring a diversified and flexible financing base", Markku Honkasalo continues.

SATO will apply for listing of the bonds on the Official List of the Irish Stock Exchange plc trading as Euronext Dublin and for the bonds to be admitted to trading on its regulated market. The bonds are expected to be rated Baa3 (stable outlook) by Moody’s, in line with SATO’s long-term issuer rating.

Nordea, OP Corporate Bank and Swedbank acted as joint lead managers and bookrunners for the transaction.

For more information, please contact:

SATO Corporation

CFO Markku Honkasalo, tel. +358 201 34 4226

Group Treasurer Janne Runsamo, tel. +358 201 34 4009


The information contained in this release shall not constitute an offer to sell or the solicitation of an offer to buy securities of SATO Corporation in any jurisdiction. In particular, this release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. Any securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States or to U.S. persons absent registration or an applicable exemption from registration requirements.