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Biohit Oyj to issue convertible bond

03.08.2010 13:00

Authorized by the Annual General Meeting, the Board of Directors of Biohit Oyj has decided today to issue a convertible bond targeted at institutional investors in Finland.

Deviating from the shareholders' pre-emptive subscription right, the bond will be offered for subscription to shareholders chosen by the Board of Directors. The bond has a value of EUR 4.05 million and a five-year maturity. The fixed coupon rate of the bond is 6.5%. The bond is set to be issued on 28 October 2010 and will not become available for public trading.

This new bond will replace Biohit Oyj's earlier convertible bond of the same size, which is due to mature in October 2010. The issue is part of a set of measures aimed at optimising the company's long-term financing plan. On this basis, the company takes the view that there are substantial financial reasons for deviating from the shareholders' pre-emptive subscription right.

The issue will be chiefly organised by Pohjola Corporate Finance Oy.