Ahlstrom Corporation STOCK EXCHANGE RELEASE 09.11.2009
As a correction to the heading of the previous stock exchange release published on November 9, 2009 at 15.12 EET, Ahlstrom Corporation announces that it issues EUR 80 million hybrind bond instead of EUR 80 hybrid bond.
Ahlstrom Corporation, a leading supplier of nonwovens and specialty papers, has resolved to issue a EUR 80 million domestic hybrid bond. The coupon rate of the bond is 9.50% per annum. The bond has no maturity but the company may call the bond after four years. The bond was oversubscribed.
The hybrid bond will strengthen Ahlstrom's capital structure. The arrangement will also abrogate the impact of the dividend payment restrictions related to the reduction of the gearing ratio that were included in the EUR 200 million revolving credit facility agreement signed in July 2009.
A hybrid bond is an instrument which is subordinated to the company's other debt obligations and which is treated as equity in the IFRS financial statements. Hybrid bonds do not confer to their holders the right to vote at shareholder meetings and do not dilute the holdings of the current shareholders.
The lead manager of the bond issue was Nordea Markets.
For further information, please contact:
President & CEO
Tel. +358 10 888 4700
Tel. +358 10 888 4768
Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance nonwovens and specialty papers. Ahlstrom's products are used in a large variety of everyday applications, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 6,000 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2008, Ahlstrom's net sales amounted to EUR 1.8 billion. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. The company website is at www.ahlstrom.com.