SATO Oyj - Major shareholder announcements

Change of Control in SATO Corporation

Helsinki, Finland, 2015-12-30 11:01 CET (GLOBE NEWSWIRE) -- SATO Corporation,
Company Announcement, 30 December 2015 at 12:01 

SATO Corporation (“SATO”) has received information that Fastighets AB Balder’s
(“Balder”) direct and indirect holding of the shares in SATO had increased to
53.3 per cent on 30 December 2015. 

As a result, in accordance with the terms and conditions of SATO’s (i) EUR 25
million floating rate secured notes due 2022, the EUR 24 million floating rate
secured notes due 2023 and the EUR 100 million 2.875 per cent secured notes due
2018 issued under the EUR 500 million secured notes issuance programme and (ii)
the EUR 100 million 3.375 per cent secured notes due 2019 (together, the
“Notes”), a “Change of Control” event has occurred in respect of the Notes
because Balder’s holding of shares has exceeded 50 per cent of the shares and
voting rights. The Notes are listed on Nasdaq Helsinki. 

SATO will promptly notify the holders of the Notes of the Change of Control
event in accordance with the terms and conditions of the Notes. As a result of
the Change of Control event, the holders of the Notes may require prepayment of
the nominal principal amount of and accrued interest on the Notes during a
specified period of time as provided in the terms and conditions of the Notes. 

Based on discussions with certain holders of the Notes, that represent more
than one-half of the principal amount of the outstanding Notes, SATO has been
informed that such holders of the Notes will not require prepayment of the
Notes based on the Change of Control event. However, such information is based
on informal discussions and there can be no assurances that such holders of the
Notes will not ultimately require prepayment. 

SATO has also contacted its other major lenders and received written
confirmations from each such lender stating they will not use their right under
the terms and conditions of the applicable financing agreements to require
prepayment. 

SATO believes that its liquidity position will not be effected by the “Change
of Control” event. 

In respect of SATO’s EUR 300 million 2.25 per cent senior unsecured guaranteed
notes due 2020, which are listed on the Irish Stock Exchange Plc, the change in
holdings in SATO does not at this time constitute a Change of Control Event as
defined in the terms and conditions of such notes. 

For more information, please contact:

SATO Corporation

Esa Neuvonen, CFO
Telephone: +358 201 34 4005

Janne Runsamo, Group Treasurer
Telephone: +358 201 34 4009

By mail: SATO Corporation, Panuntie 4, FI-00610 Helsinki, Finland
Email: treasury@sato.fi



SATO is one of Finland's leading rental housing providers. SATO’s aim is to
offer comprehensive alternatives in rental housing and an excellent customer
experience. All told, SATO holds roughly 24,400 rental homes in Finland’s
largest growth centres and in St Petersburg. 

In our operations, we promote sustainable development and initiative-taking,
and work in open interaction with our stakeholders to create added value. We
operate profitably and with a long-term view.We increase the value of our
housing property through investments, divestments and repair work. 

SATO Group's net sales in 2014 were €312.3 million, operating profit €191.3
million and profit before taxes €152.2 million.SATO's investment properties
have a value of roughly €2.7 billion.