Rederiaktiebolaget Eckero starts capped tender offer for 2026 bonds

By William Gullotti

Buffalo, N.Y., June 12 – Finland’s Rederiaktiebolaget Eckero started a capped cash tender offer for up to €20 million of its outstanding €52 million floating-rate notes due October 2026 (ISIN: NO0011130148), according to a notice on Monday.

The company is offering to repurchase the bonds at 105.5, plus any accrued and unpaid interest.

If the amount of tendered bonds accepted for purchase exceeds the cap, the offer may be subject to scaling and proration.

The tender offer expires at 6 a.m. ET on June 19, unless otherwise extended or terminated by the issuer.

Settlement is expected on or about June 22.

€62 million of the bonds were initially issued in 2021, with €10 million already redeemed at 103 on May 15, 2023.

The dealer manager for the offer is Nordea Bank Abp (+45 6136 0379; nordealiabilitymanagement@nordea.com).

Eckero is a Finnish holding company, with subsidiaries involved in passenger and car ferry services as well as export shipping.

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