DLA Piper advises Teollisuuden Voima Oyj on issue of EUR 600 million green bond and related tender offer

We have advised Teollisuuden Voima Oyj (TVO) on the issue of a EUR 600 million green bond and related tender offer for its Eurobond maturing in February 2025. TVO is an energy company that produces electricity in the nuclear power plant in Olkiluoto producing approximately one sixth of Finland’s total electricity consumption.

The bond is issued under the Company’s EMTN programme and listed on the Luxembourg Stock Exchange. The net proceeds of the green bond will finance or refinance, in whole or in part, Eligible Green Projects in accordance with TVO’s Green Bond Framework.

On 13 May 2024, TVO separately announced an invitation to holders of its outstanding EUR 500 million notes to tender their notes for purchase by TVO for cash subject to the conditions as set out in a tender offer memorandum.

BNP Paribas, Crédit Agricole CIB, Nordea and Swedbank acted as Joint Bookrunners for the new bond issue. Nordea and Swedbank are acting as Joint Dealer Managers on the tender offer.

The DLA Piper team consisted of Kristiina Hirva and Elise Bergman.