PHM Group places €40M tap of 2026 bonds at 102; terms

PHM Group on Jan. 24 placed a €40 million tap of its €300 million of 4.75% secured bonds due June 2026 issued via PHM Group Holding Oy at 102. Nordea and Pareto Securities were joint bookrunners.

The notes were put in place at par in June 2021 and closed Jan. 21 at 102.25 for a 4.034% yield-to-worst, according to S&P Global Market Intelligence data.

Proceeds from the increase are set to fund the refinancing of RCF drawings and general corporate purposes, including M&A. The bonds will be issued as part of the company's €450 million secured debt program.

The issuer and its secured debt are rated B/B2 (both stable).

PHM is a Finland-headquartered residential property maintenance company focused on the Nordic market, and it is majority owned by Norvestor. The company reported revenue and adjusted EBITDA of roughly €393 million and €58 million, respectively, as of the third quarter of 2021.

Terms: