Aventum advised the Prime Minister’s Office on its participation to Finnair’s EUR 570 million rights offering

Aventum advised the Prime Minister’s Office on its participation in Finnair’s EUR 570 million rights offering

On 6th of October Finnair published plans of launching a rights offering of up to EUR 600 million aiming at strengthening its balance sheet and financial position in order to allow the company to better manage its outstanding financial liabilities and execution of its growth strategy. On 27th of October Finnair announced the terms and conditions of its fully underwritten rights offering of approximately EUR 570 million in gross proceeds.

Aventum advised the Prime Minister’s Office, the entity managing the State of Finland’s interest in Finland, in its participation to Finnair’s rights issue by means of a partial conversion of the State’s EUR 400 million capital loan provided to Finnair. The remainder of the capital loan and all accrued interest will be repaid in full to the State of Finland using proceeds of the rights issue. Trading in the subscription rights commenced on 3rd of November on the Helsinki Stock Exchange. Final results of Finnair’s rights offering were published on 23rd of November: the offering was fully subscribed and trading on the new offer shares commenced on 27th of November.

Finnair is one of Europe’s leading airlines that specialises in passenger and cargo traffic between North America, Asia and Europe. Company is majority owned by the State of Finland and its shares are listed on the Nasdaq OMX Helsinki Stock Exchange.

Aventum acted as adviser to the Prime Minister’s Office in the financing transaction.