Krogerus advises arranger and dealers on SATO's secured note issuance programme
Krogerus has advised arranger and dealer Pohjola Bank, and the other dealers, on SATO Corporation’s €500m (£437m) secured note issuance programme.
The Finnish Financial Supervisory Authority approved the base prospectus for the secured note programme on 6 March 2013.
As the first tranche under the programme, on 20 March 2013 SATO will issue €100m secured notes with a five-year maturity and 2.875 per cent interest rate. The notes are secured by residential property. SATO intends to list the €100m secured notes for public trading on NASDAQ OMX Helsinki.
Finnish company SATO is a corporate investor in housing. Its investment assets are valued at approximately €2.1bn. SATO will use the proceeds from the sale of the notes mainly to invest in rental property in the Helsinki metropolitan area and in St Petersburg.
In addition to Pohjola Bank, Krogerus advised dealers Danske Bank, Nordea Bank Finland, Svenska Handelsbanken and Swedbank.
Lead partner Päivi Toivari, head of the law firm’s banking and finance practice, was assisted by counsel Marjukka Sippola and senior associates Tom Fagernäs and Heta Rönkkö in the transaction.
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