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28 Jun 2021

The Finnish refinery company Fintoil issued a EUR 70 million green bond yesterday. A total of EUR 130 million in debt and equity financing has now been raised for the biorefinery investment making it fully financed. The biorefinery will be the world’s third largest crude tall oil (CTO) refinery.

Fintoil is in the process of building the world's third largest crude tall oil refinery in the port area of ​​Hamina. A total financing of approximately EUR 130 million has now been secured for the project, which makes the investment fully financed. The financing consists of a EUR 70 million senior green bond, a EUR 10 million SSRCF (Super Senior Revolving Credit Facility) credit facility, a EUR 40 million preferred equity instrument and a EUR 11 million equity financing. The construction work should be completed in July 2022 and the commercial operations are expected to start then.

“We are extremely pleased to have a group of domestic and Nordic investors on board. With the yesterday’s bond issue our biorefinery investment in Hamina is now fully financed and the company has also secured its working capital financing. I would like to thank all the investors for their vote of confidence and Finnvera for their underwriting which made the bond issue successful. We are confident that our CTO refinery will start up as scheduled in July 2022”, Fintoil’s CEO Jukka Ravaska says with delight.

“The funding we received will ensure the implementation of a biorefinery investment in Hamina that utilizes the by-products of the pulp industry. This shows that tackling climate change can open profitable business opportunities. The green funding certificate we received from the climate research institute Cicero confirms the company's previous own analysis that Fintoil's end products generate a significant reduction in carbon dioxide emissions”, says John Lindahl, chairman of Fintoil’s board.

Nordea Bank Abp acted as the Sole Lead Manager of the issue and provided the SSRCF. The company's legal advisor was HPP Attorneys and the legal advisor of the financing arrangement was Roschier Attorneys. Taaleri Kapitaali has acted as Fintoil’s financial adviser in all stages of financing since 2018.


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