Caverion to buy €72.1 million of 2027 notes after change of control

By Mary-Katherine Stinson

Lexington, Ky., Nov. 29 – Caverion Corp. announced that holders of €72.1 million of its €75 million 2.75% senior notes due Feb. 25, 2027 (ISIN: FI4000518212) exercised their repurchase right due to a change-of-control event, according to a press release.

The notes will be repurchased at par plus interest on Jan. 29.

To participate in the offer, noteholders were required to submit a repurchase instruction by Nov. 28, which was 20 business days after the notice of change-of-control event and 40 business days before the repurchase date.

Repurchase instructions had to be submitted in a minimum of €100,000 nominal amount of notes and be for the full amount of the holder’s notes.

All repurchased notes will be canceled, leaving €2.9 million remaining.

As previously reported, following the repurchase, if the notes’ outstanding amount is 25% or less of the total, the company may exercise a clean-up call at par plus interest.

Nordea Bank Abp is the paying agent.

On Oct. 18 and Oct. 23 Crayfish BidCo Oy announced that it had entered into conditional share purchases, agreeing to purchase a total of 52,005,076 Caverion shares, or about 37.95% of all outstanding shares excluding treasury shares.

Following these purchases, Crayfish BidCo’s shareholding and voting rights increased to about 67.82% of Caverion’s shares, triggering the change-of-control put.

The conditional share purchases settled on Oct. 31.

Caverion is a building technology and industrial services company based in Finland.

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