Inside information: YIT considers the issuance of secured green notes and commencement of a consent solicitation procedure to amend the terms and conditions of its green notes due 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Inside information: YIT considers the issuance of secured green notes and commencement of a consent solicitation procedure to amend the terms and conditions of its green notes due 2026

YIT Corporation (“YIT”) is considering the issuance of new EUR 100 million expected green euro denominated floating rate senior secured notes with maturity date in 2027 (the “New Notes”). The issue is expected to take place in the near future subject to market conditions.

The New Notes would be secured by transaction security granted by YIT and certain group companies which currently also secures the existing EUR 300 million revolving credit facility and the existing EUR 140 million term loan facility of YIT (the “Shared Security Pool”). YIT intends to use the net proceeds of the potential issue of the New Notes for financing or refinancing eligible green projects or assets or otherwise in accordance with YIT’s Green Finance Framework dated 30 April 2024 (the “Green Finance Framework”).

With the transaction described above, YIT prepares to proactively manage upcoming debt redemptions and to extend the average debt maturity profile for YIT, as well as aims to mobilise debt capital to support YIT to reach its climate and sustainability targets.

In connection with the contemplated issuance of the New Notes, YIT would commence a written procedure and approach the noteholders of the senior green notes of EUR 100 million with a maturity date in 2026 (ISIN: FI4000496302) (the “2026 Notes”) with a proposal to solicit consents to amend the terms and conditions of the 2026 Notes as may be required for the issuance of the New Notes relating to, among others, the accession of the noteholders of the 2026 Notes and of the New Notes to the Shared Security Pool.

Danske Bank A/S (“Danske Bank”), Nordea Bank Abp and OP Corporate Bank plc act as Global Coordinators and Joint Bookrunners and Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ) act as Joint Bookrunners for the issue of the New Notes. Danske Bank acted as the sole green structuring advisor on the Green Finance Framework.

Further information, please contact:
Markus Pietikäinen, SVP, Treasury and M&A, YIT Corporation, tel. +358 40 525 3024, markus.pietikainen@yit.fi

YIT CORPORATION

Tuomas Mäkipeska
CFO

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com

YIT is a leading construction and development company. Building on over 110 years of experience, we develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to support the green transition. We employ approximately 4,300 professionals in eight countries. Our revenue in 2023 was EUR 2.2 billion. YIT Corporation's shares are listed on Nasdaq Helsinki.  

Read more: www.yitgroup.com and follow us on Linkedin I X I Instagram I Facebook  

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the New Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. No actions have been taken to register or qualify the New Notes, or otherwise to permit a public offering of the New Notes, in any jurisdiction.

This communication does not constitute an offer of New Notes for sale in the United States. The New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States, and the New Notes may not be offered, sold, pledged or otherwise transferred, directly or indirectly, within the United States or to, or for the account or benefit of, any U.S. person (as such terms are defined in Regulation S under the Securities Act) except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of New Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the New Notes. Consequently, this communication is addressed to and directed only at persons in the United Kingdom in circumstances where provisions of section 21(1) of the Financial Services and Markets Act 2000 as amended, do not apply and are solely directed at persons in the United Kingdom who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) of the Order, or (iii) are other persons to whom it may be otherwise lawfully communicated (all such persons together being referred to as “relevant persons”). This release is directed only at relevant persons and any person who is not a relevant person must not act or rely on this release or any of its contents.