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Danske Bank acted as Joint Bookrunner on Tornator's EUR 350m Green Bond

Danske Bank acted as a Joint Bookrunner in Tornator Oyj’s inaugural green bond issue.

We are proud to have supported the Finnish pioneer in sustainable forestry, Tornator, in securing EUR 350m of funding through the European debt capital markets. The EUR 350 million of unrated secured green notes have a tenor of six years and will bear an annual fixed coupon of 1.250 per cent.

The transaction attracted keen attention across Europe and ended up being 2.5x oversubscribed, indicating the investors’ robust appetite towards green investments. The company’s credit story as the leader in sustainable forestry and responsible forest owner in Finland clearly resonated with the European investor community.

The net cash proceeds from the transaction will be used for the financing of new eligible assets and refinancing of eligible assets as per Tornator’s Green Finance Framework, which was launched in 2019 and is a clear testimony of climate responsibility at the core of the company. The framework received the highest possible “dark green” shading from the Norwegian Climate Research Institute Cicero.
Fact box

Transaction Terms 

Issuer: Tornator Oyj (TORNAT)

Issuer rating: Unrated  

Trade Date:  7 October 2020
Maturity Date: 14 October 2026

Size: EUR 350m

Coupon: 1.250% (Annual, Act/Act ICMA)

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