Krogerus advises Mandatum Life on the issuance of EUR 300 million Tier 2 notes and the redemption of existing Tier 2 notes

Krogerus is advising Mandatum Life Insurance Company Limited on the standalone issuance of EUR 300 million fixed/floating rate dated subordinated notes due 2039. The notes count towards Tier 2 own funds under the Solvency II Directive, are expected to be rated BBB+ by S&P, and will be listed on the Global Exchange Market of Euronext Dublin.

In connection with the new issue, Krogerus advised Mandatum Life on the redemption of its existing EUR 250 million fixed/floating rate dated subordinated notes due 2049, including on obtaining the Finnish Financial Supervisory Authority's consent for the redemption. Krogerus previously advised Mandatum Life on the issuance of the existing notes in what was Mandatum Life's inaugural issuance of Tier 2 notes.

BofA Securities, Danske Bank and Nordea Bank acted as joint lead managers on the new issue.

Mandatum Life is a part of Mandatum, which is a major financial services provider that combines expertise in wealth management and life insurance. Mandatum offers clients a wide array of services covering asset and wealth management, savings and investment, compensation and rewards as well as pension plans and personal risk insurance. Mandatum offers services to corporate, retail, institutional and wealth management clients. At the centre of Mandatum's success are highly skilled personnel, a strong brand as well as a proven investment track record.

The Krogerus team was led by Partner Paul Raade and he was primarily assisted by Counsel Joel Kanervo, Senior Associate Olli Silvennoinen and Associates Tiina Jääskeläinen, Roosa Järvi and Markus Koivuranta (all Capital Markets and Public M&A).