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Sunborn Finance Oyj

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Sunborn Finance in brief

Sunborn Finance is a public limited liability company incorporated in Finland and established in 2017. The company owns the award winning Naantali Spa Hotel located in Naantali by the Baltic Sea and Ruissalo Spa Hotel located in Turku by the scenic Finnish archipelago. Sunborn Finance also provides property management and IT support services.

The company is owned by the Niemi family, which also controls the Sunborn Group. Sunborn Group’s focus is on the development of luxury spa and yacht hotels, restaurants and other high-quality property, with over 45 years of expertise in the hospitality sector.

www.sunborn.com

 

  • Sunborn Finance Oyj
  • Juhana Herttuan puistokatu 23
  • 20100 Turku
Tiedoteluokka
Näytä Kaikki
Vuosi
Näytä Kaikki

Sunborn Finance Oyj – Adjusted coupon payment4.12.2024 15:34:24 EET | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the paying agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to make the adjusted coupon payment of EUR 2,000,000 (the "Payment"), as set out in the written procedure which was confirmed to be completed and approved by the bondholders on 6 November 2024 (the "Written Procedure"). The Payment shall be distributed by the Agent on the 9th of December 2024. The Payment shall be made to the bondholders (regardless if such bondholder has participated in the Written Procedure or voted for or against the request). The Payment shall be made to the bondholders on a pro rata basis. The payment shall be made through the CSD to such person who is registered as a bondholder on the 6 December 2024, which shall be the record date for the Payment. For further information, please contact: Hans Niemi, CEO Telephone: Finland +358 followed by 2445 4514 Email: hans.niemi@sunborn.com This information is informat

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Sunborn Finance Oyj - Initiates second conversion period4.11.2024 15:25:17 EET | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

For a detailed background, reference is made to the notice of written procedure dated 11 October 2024 (the “Written Procedure Notice”) in relation to Sunborn Finance Oyj (the "Issuer") up to EUR 50,000,000 Senior Secured Callable Floating Rate Bonds 2018/2024 with ISIN: FI4000292750 (the “Bonds”). The issuer has previously completed a conversion period in which bondholders have undertaken to convert Bonds into Sunborn International Holding ("SBIH") Shares for a total amount of EUR 3,760,000. As foreseen in the Written Procedure Notice, the issuer has now elected to initiate a second conversion period, in which the bondholders will be offered to convert up to EUR 3,900,000 into SBIH Shares (the "Second Conversion"). To participate in the Second Conversion, please sign the Conversion Undertaking in accordance with the terms set out therein and send to investors@sunborn.com no later than 18 November 2024. For further information, please contact: Hans Niemi, CEO Telephone: Finland +358 fol

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Correction: Sunborn Finance Oyj - Initiates a written procedure11.10.2024 13:01:05 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of the proposal therein, which entails certain amendments to the terms and conditions as set out in the attached notice of written procedure, including among other things (i) an extension of the final maturity date from 13 May 2024 to 28 February 2025, (ii) a removal of the ten (10) per cent. premium payable by the Company on the final maturity date, (iii) an offer to the bondholders to convert up to EUR 7,660,000 (such amount to reduce the into shares in Sunborn International Holding Oy ("SBIH"), (iv) a right and obligation for the Company to redeem an amount equal to eighty-five (85) per cent. of the total nominal amount of Bonds outstanding less the amount being converted into shares in SBIH, (v) an adjusted coupon payment for accrued but unpaid interest for

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Sunborn Finance Oyj - Initiates a written procedure11.10.2024 12:01:38 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of the proposal therein, which entails certain amendments to the terms and conditions as set out in the attached notice of written procedure, including among other things (i) an extension of the final maturity date from 13 May 2024 to 28 February 2025, (ii) a removal of the ten (10) per cent. premium payable by the Company on the final maturity date, (iii) an offer to the bondholders to convert up to EUR 7,660,000 (such amount to reduce the into shares in Sunborn International Holding Oy ("SBIH"), (iv) a right and obligation for the Company to redeem an amount equal to eighty-five (85) per cent. of the total nominal amount of Bonds outstanding less the amount being converted into shares in SBIH, (v) an adjusted coupon payment for accrued but unpaid interest for

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Sunborn Finance Oyj – Company is engaged in constructive discussions with major bondholders20.6.2024 15:50:54 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") acknowledges the Notice of Event of Default issued by Nordic Trustee Oy, the appointed bondholders' agent, concerning the repayment of up to EUR 50,000,000 in senior secured bonds (ISIN: FI4000292750) (the "Bonds"), which were due on 13 May 2024. The majority of bondholders have entered into standstill agreements to explore the possibility of extending the Final Maturity Date or finding another solution. Consequently, the agent has refrained from taking any actions under the Terms and Conditions concerning the outstanding Event of Default, pending the outcome of these negotiations. The Company is actively engaged in constructive negotiations with the bondholders' committee, representing the majority of bondholders. Strategic discussions are underway to achieve a satisfactory resolution within a reasonable timeframe, with concrete proposals already prepared and under consideration. While there can be no assurance regarding the outcome of these negotia

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Sunborn Finance Oyj – Withdrawal of ongoing written procedure5.6.2024 14:30:54 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj – Withdrawal of ongoing written procedure On 13 May 2024, Sunborn Finance Oyj (the "Company") initiated a written procedure under its EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") requesting the bondholders to vote in favour of certain amendments and waivers of the terms and conditions of the Bonds, as further set out in the notice of written procedure available on the Company's website (www.sunborn.com/press) and on Stamdata (www.stamdata.com) (the "Written Procedure"). The deadline for the Written Procedure is 3.00 p.m. (EEST) on 7 June 2024. The Company hereby announces the withdrawal of the Written Procedure due to ongoing discussions with bondholders. A new written procedure will follow in due course. For further information, please contact: Hans Niemi, CEO Telephone: Finland +358 followed by 2445 4514 Email: hans.niemi@sunborn.com This information is information that Sunborn Finance Oyj is obliged to make public pursuant to the EU Ma

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Sunborn Finance Oyj - Entry into standstill agreement14.5.2024 08:21:14 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") is informing that it has entered into a standstill agreement relating to its EUR 50,000,000 senior secured bond loan (the "Bond"). The Company is discussing with the bondholders to achieve a viable long-term solution. For further information, please contact: Hans Niemi, CEO Telephone: Finland +358 followed by 2445 4514 Email: hans.niemi@sunborn.com This information is information that Sunborn Finance Oyj is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:20 EEST on 14 May 2024.

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Correction: Sunborn Finance Oyj - Updated initiation of a written procedure13.5.2024 15:19:50 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of certain amendments and waivers of the terms and conditions of the Bonds as set out in the attached notice of written procedure, including among other things a waiver of a non-payment default, an extension of the tenor of the Bonds, and waiving the listing requirement. The Company's intention was to initiate the written procedure last Friday, being 10 May 2024. Due to discussions with Bondholders, the deadline for sending out the written procedure on 10 May 2024 could not be met. The agent will send the notice of written procedure to all bondholders on the date hereof. The record date for being eligible to vote in the written procedure is 17 May 2024 and the deadline for voting is 3.00 p.m. (EEST) on 7 June 2024. The written procedure may, however, be conclud

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Sunborn Finance Oyj - Updated initiation of a written procedure13.5.2024 15:00:42 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of certain amendments and waivers of the terms and conditions of the Bonds as set out in the attached notice of written procedure, including among other things a waiver of a non-payment default, an extension of the tenor of the Bonds, and waiving the listing requirement. The Company's intention was to initiate the written procedure last Friday, being 10 May 2024. Due to discussions with Bondholders, the deadline for sending out the written procedure on 10 May 2024 could not be met. The agent will send the notice of written procedure to all bondholders on the date hereof. The record date for being eligible to vote in the written procedure is 17 May 2024 and the deadline for voting is 3.00 p.m. (EEST) on 7 June 2024. The written procedure may, however, be conclud

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Sunborn Finance Oyj - Initiates a written procedure10.5.2024 12:30:01 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of certain amendments and waivers of the terms and conditions of the Bonds as set out in the attached notice of written procedure, including among other things a waiver of a non-payment default, an extension of the tenor of the Bonds, waiving the listing requirement and consenting to certain reorganisational changes to the overall group. The agent will send the notice of written procedure to all bondholders on 10 May 2024. The record date for being eligible to vote in the written procedure is 16 May 2024 and the deadline for voting is 3.00 p.m. (EEST) on 5 June 2024. The written procedure may, however, be concluded before the expiry of the voting deadline if a requisite majority has accepted the requests. The notice to the written procedure is available on the

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Sunborn Finance Oyj– Bond will not be redeemed at maturity8.5.2024 13:15:11 EEST | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") is informing that its EUR 50,000,000 senior secured bond (the “Bond”) (ISIN: FI4000292750) will not be redeemed at its final maturity date, being 13 May 2024. The Company is currently in the process of initiating a written procedure in accordance with the terms and conditions of the Bond where the Company will request that the bondholders (i) approve an extension of the Bonds and (ii) waive any default arising due to the Bond not being redeemed. Further, the Company is in far-progressed discussions with new finance providers with an aim to reduce the Bond debt. As a consequence of the contemplated written procedure regarding the extension not being completed by the final maturity date, the Bond will be delisted from Nasdaq Helsinki. For further information, please contact: Hans Niemi, CEO Telephone: Finland +358 followed by 2445 4514 Email: hans.niemi@sunborn.com This information is information that Sunborn Finance Oyj is obliged to make public pursu

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Sunborn Finance Oyj: TILINPÄÄTÖS 202330.4.2024 22:30:01 EEST | Sunborn Finance Oyj | Tilinpäätös ja toimintakertomus

Sunborn Finance Oyj: TILINPÄÄTÖS 2023 Sunborn Finance Oyj:n tilinpäätös 2023 on tämän julkaisun liitteenä ja julkaistaan yhtiön verkkosivuilla www.sunborn.com/press/. Tilinpäätös sisältää konsernitilinpäätöksen, emoyhtiön tilinpäätöksen ja toimintakertomuksen tilikaudelta 1.1. - 31.12.2023. Julkaistun Q4/2023 tilinpäätöstiedotteen ja tilinpäätöksen oikaisu Joukkovelkakirjalainan muutettuihin ehtoihin sisältyy eräpäivän nimellisarvosta 10 % maksettava takaisinmaksupreemio. Vaikka joukkovelkakirjalaina ja takaisinmaksupreemio eivät ole vielä erääntyneet, on takaisinmaksupreemio kirjattu lopulliseen vuositilinpäätökseen poiketen aiemmin julkaistusta Q4 tiedotteen tilinpäätöksestä. Rahoitusvelka oli virheellisesti MEUR 50.0. Takaisinmaksupreemio MEUR 5.0 kirjattiin rahoituskuluihin, minkä jälkeen velka on MEUR 55.0. Sunborn Finance Oyj Hallitus Yhteystiedot: Sunborn Group Toimitusjohtaja Hans Niemi, hans.niemi@sunborn.com Sunborn Group CFO Niina Stade, niina.stade@sunborn.com JAKELU: Nasda

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Sunborn Finance Oyj: FINANCIAL STATEMENTS 202330.4.2024 22:30:00 EEST | Sunborn Finance Oyj | Annual Financial Report

Sunborn Finance Oyj: FINANCIAL STATEMENTS 2023 Sunborn Finance Oyj’s Financial Statements for 2023 are attached to this release and have been published on the company’s website at www.sunborn.com/press/. The Financial Statements include the consolidated Financial Statements, the Financial Statements of the parent company and the Report of the Board of Directors for the period 1 January – 31 December 2023. Change of the published Q4 financial statements The amended terms and conditions of the bond include a repayment premium of 10 % of the nominal value at maturity. Although the bond and the repayment premium has not yet matured for payment, the repayment premium has recorded to final annual financial statements in contrast to the previously published Q4 financial statements. The financial debt was erroneously EUR 50.0 Million. The repayment premium was recorded in financial expenses EUR 5.0 Million, after which the debt is EUR 55.0 Million. Sunborn Finance Oyj Board of Directors For ad

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Sunborn Finance Oyj: Osavuosikatsaus 1.10. - 31.12.202329.2.2024 16:58:53 EET | Sunborn Finance Oyj | Puolivuosikatsaus

Tämä on Sunborn Finance Oyj:n osavuosikatsauksen Q4 2023 yhteenveto. Täydellinen raportti on tämän julkaisun liitteenä ja se julkaistaan myös yhtiön verkkosivuilla www.sunborn.com/press/ 1 000 EUR Q4/2023 Q4/2022 2023 2022 Liikevaihto 1 424 952 4 781 3 802 EBITDA 1 208 770 3 972 3 093 Liikevoitto -2 340 1 118 -208 2 875 Sijoituskiinteistöt (Kylpylähotellit) 58 876 62 195 Oma pääoma -1 107 2 562 Joukkovelkakirjalaina 49 965 50 212 Sunborn Finance Oyj:n taloudellinen katsaus ajalta 1.10. – 31.12.2023 Sunborn Financen liikevaihto 1,424 M€ koostuu operaattorin vuokratuotoista sekä muiden palvelujen tuotoista. Vuokratulot Q4 2023 kasvoivat 1,265 M€ (Q4 2022 0,884 M€) kattamaan rahoituskulujen kasvun. Muut tuotot liittyvät IT- ja kiinteistöpalvelutuottoihin. Kustannukset ovat samalla tasolla kuin edellisenä vuonna, mutta rahoituskustannukset ovat kasvaneet merkittävästi. Yhtiö on hakenut ja saanut kirjallisen menettelyn myötä hyväksynnän joukkovelkakirjalainan erääntymisen jatkamiseksi, jott

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Sunborn Finance Oyj: INTERIM REPORT FOR OCTOBER - DECEMBER 202329.2.2024 16:57:50 EET | Sunborn Finance Oyj | Half Year financial report

Sunborn Finance Oyj: INTERIM REPORT FOR OCTOBER - DECEMBER 2023 STOCK EXCHANGE RELEASE This is a summary of the Q4 2023 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/ EUR thousand Q4/2023 Q4/2022 2023 2022 Revenue 1 424 952 4 781 3 802 EBITDA 1 208 770 3 972 3 093 Operating profit -2 340 1 118 -208 2 875 Investment property (Spa hotels) 58 876 62 195 Equity -1 107 2 562 Bond 49 965 50 212 Sunborn Finance Oyj Financial summary 1 October – 31 December 2023 Sunborn Finance Oyj´s revenue 1.424 M€ consists of lease income from the operator and other services income. Lease income Q4 2023 increased to 1.265 M€ (Q4 2022: 0.884 M€) to support increase in borrowing costs. Other services income for Issuer refers to personnel costs for facility and IT services. Operational costs were in line with previous year, but interest expenses have increased significantly. The company has sought and received approval for a bond maturi

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Sunborn Finance Oyj– Approval of written procedure and amendments to the terms and conditions of the bonds7.2.2024 16:00:01 EET | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Sunborn Finance Oyj (the "Company") today announces the successful completion of the written procedure that was initiated 15 January 2024 in relation to the Company's outstanding EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds"), regarding certain amendments to the terms and conditions of the Bonds, including an extension to the maturity date of the Bonds to 13 May 2024 (the "Proposal"). A broad number of bondholders participated in the written procedure in order to form a quorum, and a requisite majority of the bondholders voted in favor of approving the Proposal. The Company is extremely grateful for bondholders’ overwhelming support. The Company and the agent, among others, have entered into an amendment and restatement agreement, amending and restating the terms and conditions of the Bonds in accordance with the Proposal. DNB Markets, a part of DNB Bank ASA, Sweden Branch has been retained as consent solicitation agent in connection with the written procedure

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Sunborn Finance Oyj– Press release re initiating Written Procedure15.1.2024 12:16:09 EET | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Press release, 15 January 2024 Sunborn Finance Oyj - Initiates a written procedure and publishes an investor presentation Sunborn Finance Oyj (the "Company") has instructed the agent for the Company's EUR 50,000,000 senior secured bonds with ISIN FI4000292750 (the "Bonds") to initiate a written procedure to request the bondholders to vote in favour of certain amendments of the terms and conditions of the Bonds as set out in the attached notice of written procedure, including an extension of the tenor of the Bonds and certain amendments to the financial covenants. The agent will send the notice of written procedure to all bondholders on 15 January 2024. The record date for being eligible to vote in the written procedure is 19 January 2024 and the deadline for voting is 3.00 p.m. (EET) on 8 February 2024. The written procedure may, however, be concluded before the expiry of the voting deadline if a requisite majority has accepted the requests. The notice to the written procedure is avail

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Sunborn Finance Oyj– Bondholder Update9.1.2024 11:32:05 EET | Sunborn Finance Oyj | Other information disclosed according to the rules of the Exchange

Press release, 9th January 2024. Sunborn Finance Oyj Bondholder Update Sunborn Finance Oyj has made progress in the negotiations for refinancing its Senior Secured 50 million EUR bond (ISIN NO0011099772). Despite the challenges posed by a fluctuating Nordic real estate market, variable interest rates, and ongoing inflation, we have actively explored a range of viable refinancing options. After a prolonged period of unconstructive market sentiment towards primarily real estate, the last quarter has shown some positive developments, particularly in the fixed income and alternative lending markets. Sunborn Finance has experienced increased interest for financing solutions and we are actively engaged in detailed discussions with various lenders and financial advisors to put in place a refinancing alternative. However, due to the year-end and holiday season, these discussions have not been yet concluded but are progressing steadily. Furthermore, to strengthen its financial standing and bett

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Sunborn Finance Oyj: INTERIM REPORT FOR JULY - SEPTEMBER 202321.11.2023 14:37:56 EET | Sunborn Finance Oyj | Interim report (Q1 and Q3)

Sunborn Finance Oyj: INTERIM REPORT FOR JULY - SEPTEMBER 2023 STOCK EXCHANGE RELEASE This is a summary of the Q3 2023 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/ EUR thousand Q3/2023 Q3/2022 YTD 2023 YTD 2022 FY 2022 Revenue 1 284 951 3 357 2 850 3 802 EBITDA 1 105 788 2 763 2 322 3 093 Operating profit 1 091 768 2 132 1 757 2 875 Investment property (Spa hotels) 62 276 61 760 62 195 Equity 1 719 2 355 2 562 Bond 49 901 50 133 50 212 Sunborn Finance Oyj Financial summary 1 July – 30 September 2023 Sunborn Finance Oyj´s revenue 1.284 M€ consists of lease income from the operator and other services income. Lease income Q3 2023 increased to 1.215 M€ (Q3 2022: 0.884 M€) to support higher financing costs. Other services income for Issuer refers to personnel costs for facility and IT services. Operational costs were in line with previous year, but interest expenses have increased significantly. According to Decembe

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Sunborn Finance in brief

Sunborn Finance is a public limited liability company incorporated in Finland and established in 2017. The company owns the award winning Naantali Spa Hotel located in Naantali by the Baltic Sea and Ruissalo Spa Hotel located in Turku by the scenic Finnish archipelago. Sunborn Finance also provides property management and IT support services.

The company is owned by the Niemi family, which also controls the Sunborn Group. Sunborn Group’s focus is on the development of luxury spa and yacht hotels, restaurants and other high-quality property, with over 45 years of expertise in the hospitality sector.

www.sunborn.com

 

  • Sunborn Finance Oyj
  • Juhana Herttuan puistokatu 23
  • 20100 Turku
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