Inside information: Citycon Oyj successfully completes directed share issue in exchange for repurchasing certain of its hybrid bonds for EUR 14.7 million
HELSINKI, Nov. 29, 2023 /PRNewswire/ -- The Board of Directors of Citycon Oyj ("Citycon" or the "Company") has decided in its meeting today, 28 November 2023, by virtue of the authorization granted by the Annual General Meeting of the Company on 21 March 2023, to issue up to 2,774,398 new shares in the Company (the "Shares") to a institutional hybrid bond holder in the Company (the "Investor") in deviation of the pre-emptive subscription rights of the shareholders (the "Share Issue") in exchange for the Company repurchasing certain of its outstanding subordinated fixed to reset rate 5.25 year non-call undated green capital securities, issued on 22 November 2019 (ISIN XS2079413527, the "2024 Hybrid Bonds") from the Investor in an aggregate principal amount of EUR 17.5 million (the "Bond Repurchase", and together with the Share Issue, the "Transaction"). Pursuant to the Transaction, the subscription price for the Shares payable by the Investors to the Company is set off against the repurchase price for the 2024 Hybrid Bonds payable by the Company to the Investor.
- The Board of Directors has approved the terms and conditions of the Share Issue and the subscription made in accordance with the terms and conditions of the Share Issue.
- The subscription price was EUR 5.30 per Share, and the aggregate subscription price for all Shares was approximately EUR 14.7 million.
- The closing price of the Company's share in Nasdaq Helsinki on 28 November 2023 was EUR 5.24.
- The Company will repurchase the 2024 Hybrid Bonds for an approximate aggregate price of EUR 14.7 million.