Debt and hybrid investors
One of the key tasks of SRV’s financing is, in accordance with the treasury policy, to ensure sufficient funds to achieve the operational business and strategic goals. In addition, the objective is to arrange financing as cost effectively as possible while minimising net financial costs, to safeguard sufficiently diverse sources of financing and to ensure effective management of financial risks.
A EUR 58.4 million hybrid bond
SRV Group Plc announced it is considering issuance of new euro-denominated capital notes in the amount of EUR 45-60 million (the “New Notes”). On 16 May 2019, SRV announced it issues a EUR 58.4 million capital notes.
The capital notes bear interest at a fixed interest rate of 12 percent until the reset date and thereafter, the interest rate will be determined on each fourth (4) anniversary of the issue date. The capital notes do not have a specified maturity date, but SRV is entitled to redeem the capital notes for the first time on the fourth (4) anniversary of the issue date, and subsequently, on each annual coupon interest payment date. The issue date of the capital notes is 23 May 2019. The capital notes will strengthen the Company’s capital structure and financial position.
The net proceeds of the issuance will be used for tendering the EUR 45 million 8.750 percent notes issued on 22 March 2016 (ISIN: FI40004198114) and the EUR 100 million 6.875 percent notes due on 23 March 2021 (ISIN: FI4000198122)
Following the completion of the Offering in May 2020, the outstanding principal of the outstanding principal of the 2019 Capital Notes is approximately EUR 3.6 million.
A EUR 75 million bond
SRV Group Plc announced its decision to issue a senior unsecured bond of EUR 75 million on 19 March 2018.
Amended and restated Terms and Conditions – Notes due 2025
A EUR 45 million bond
On 7 March 2016, SRV Group Plc announced it is considering issuance of a new hybrid bond. On 9 March 2016, SRV Group Plc announced an issue of a EUR 45 million senior unsecured bond.
The initial coupon rate of the new hybrid bonds is fixed at 8.75 percent per annum, but it will be subject to a coupon reset on each 4th anniversary of the issue date of the new hybrid bonds. The new hybrid bonds have no specified maturity date, but SRV may exercise its redemption option on the 4th anniversary of the issue date of the new hybrid bonds and on each annual interest payment date thereafter.
Following the completion of the Offering in May 2020, the outstanding principal of the outstanding principal of the 2016 Capital Notes is approximately EUR 11.8 million.
A EUR 100 million bond
SRV Group Plc announced on 29 March 2021 written procedures in respect of EUR 100,000,000 senior unsecured callable fixed rate notes due 23 March 2022. The company announced on 27 April 2021 that the proposed amendments were approved. The bond matures on 23 March 2025 and it carries a fixed annual interest of 6.875 percent. New conditions are below; Amended and restated Terms and conditions
On 16 March 2016, SRV Group Plc announced an issue of a EUR 100 million five-year senior unsecured bond.