18 02 2016

Finnish electricity distribution operator Caruna secures a €1.7bn refinancing

Caruna Group, the largest electricity distribution business in Finland, secures the refinancing of its €1.7billion acquisition debt following the acquisition and financing of Fortum Sweden’s electricity distribution assets in June 2015.


Lending from a banking group that consists of 12 individual banks totals MEUR 825 of the loan as a whole. In addition, the banks have granted an investment loan limit of MEUR 600 to Caruna, as well as a working capital loan limit of MEUR 60. In addition to its bank loan agreements, Caruna Networks Oy has borrowed EUR 1.105 billion from Transmission Finance DAC, which issues bonds and loans to institutional investors, as part of a bond programme totalling EUR 10 billion. Caruna is a regulated electricity distribution utility serving southern, south-western, western and northern Finland and is the country’s largest electricity distribution network with a 20% market share. Linklaters has advised the Caruna Group on the deal with a team led
by Structured Finance partner Julian Davies (picture) and Infrastructure partner Stuart Rowson. Waselius & Wist represented the arranger and the dealers as well as certain financial institutions as lenders in the Finnish law aspects of the deal with a team led by partner Timo Lehtimäki, assisted by associate Ann-Marie Eklund. Involved fees earner: Julian Davies - Linklaters; Stuart Rowson - Linklaters; Timo Lehtimäki - Waselius & Wist; Ann-Marie Eklund - Waselius & Wist;

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