Sonae SGPS issues 400 million senior bonds

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With maturity in November 2028, the bonds are launched with the purpose of financing the acquisition, via OPA, of the Finnish company Musti.

Sonae SGPS sent a statement to the CMVM informing that it “issued bonds, on February 27th and March 1st, 2024, in the amount of, respectively, 275,000,000 (two hundred and seventy-five million euros) (Series 1) and 125,000,000 (one hundred and twenty-five million euros) (Series 2), for a total of 400,000,000.00 (four hundred million euros), maturing on November 27, 2028, by subscription private and without guarantees, called ‘Sonae SGPS Obrigações Seniores 2028-11-27’”.

To the market regulator, the group also states that “these issues were carried out under a financing agreement up to a maximum amount of 600,000,000.00 (six hundred million euros), with the aim of financing the voluntary public offer for the acquisition of shares of the Finnish company Musti Group Plc”.

The financial institutions involved in the issues identified above were Banco BPI, CaixaBank, and Banco Santander Totta, as ‘Global and Sustainability Coordinators, Underwriters, Bookrunners, Mandated Lead Arrangers and Original Bondholders”, as well as Caixa Geral de Depósitos, and Banco Comercial Português as ‘Mandated Lead Arrangers’.

Carrying out this operation “allows Sonae SGPS to structurally finance the funds necessary to pursue its strategic objectives, maintaining an adequate maturity of its long-term debt.

It is recalled that Sonae SGPS previously informed the market, also via a statement sent to the CMVM, that, “as part of the ongoing voluntary public offer for acquisition, aimed at all issued and outstanding shares of Musti Group, launched by its subsidiary Flybird Holding Oy and following the acquisition of shares on the market, the offeror secured 50.10% of all shares issued”.

“This participation considers the total acceptances received during the offer period, which ended on February 15, 2024, together with the shares acquired or held” by the consortium members.

As previously communicated by Sonae, more specifically on February 20, 2024, “the offeror initiated a subsequent offer period for the shares in accordance with the terms and conditions of the offer, which will end on March 6, 2024, waiting for The preliminary result is expected to be known on March 7, 2024.”