CapMan, a listed Finnish private equity firm specializing in the Nordic and Russian market, was seeking different alternatives to refinance its hybrid bond, which had its’ economic maturity in 12/2013. Summa acted as joint lead manager in the previous 12/2008 hybrid bond issue.
Summa arranged the refinancing of the old hybrid bond with a sophisticated financing mix of € 15 million debt (senior bond) and € 15 million equity-like (hybrid bond) funds, with an option for early redemption.
CapMan, with the help of Summa, was able to lower the average interest rate and extend the maturity profile of its’ interest-bearing debt. Furthermore, the issue was oversubscribed, which proves Summa’s ability to plan, market and execute an innovative financing issuance.