Cinis has successfully placed senior secured callable dark green bonds amounting to SEK 550 million. The net proceeds will, among other things, be used to refinance existing debt and give the company an extra buffer.
Cinis Fertilizer AB (the "Company") has successfully placed senior secured callable green bonds in an amount of SEK 550 million (the "Bonds"). The Bonds will have a tenor of 3 years and carry a floating interest rate of STIBOR three months plus 8.0 per cent, per annum, to be paid quarterly in arrears.
The net proceeds from the issue of the Bonds will be used to (i) refinance existing debt and (ii) finance general corporate purposes of the Company and its subsidiaries from time to time, including investments in accordance with the Green Finance Framework.
"The successful placement of Cinis’ first green bonds confirms the confidence in our business plan among experienced and knowledgeable investors, both in the Nordics and globally. With these dark green bonds, more credit investors are given the opportunity to contribute to Cinis' operations and a more sustainable agriculture," says Jakob Liedberg, CEO of Cinis Fertilizer.
"With refinanced debt, a strong cash position and positive cash flows we can now start looking ahead. We expect to reach full production pace in Örnsköldsvik in the beginning of 2025," concludes Jakob Liedberg.
The issue date for the Bonds is expected to be November 26, 2024, and the Bonds will be admitted to trading on the regulated market of Nasdaq Stockholm Corporate Bond List within 60 days after the first issue date with the intention to list within 30 days.
ABG Sundal Collier AB, Nordea Bank Abp and Pareto Securities AB acted as joint bookrunners in the transaction. Roschier Advokatbyrå AB acted as legal advisor to the joint bookrunners.
