The unsecured bonds have a 3-year maturity and will bear an annual fixed interest rate of 2.250 per cent. The net cash proceeds will be used for refinancing of existing indebtedness and general corporate purposes.

"The new bond issuance improves our liquidity position, and despite the challenging market conditions, it was great to see the transaction attract broad interest from investors", says Sato’s CFO Markku Honkasalo.

Sato will apply for listing of the bonds on the Official List of the Irish Stock Exchange plc trading as Euronext Dublin and for the bonds to be admitted to trading on its regulated market. The bonds are expected to be rated BBB (stable outlook) by Standard & Poor’s, in line with Sato’s long-term issuer rating.

Danske Bank, Nordea, OP Corporate Bank and Swedbank acted as joint lead managers and bookrunners for the transaction.