Borenius advised Exel Composites on its EUR 21.8 million rights offering and related financing negotiations

Exel Composites, a global developer of composite solutions headquartered in Finland, has successfully completed its EUR 21.8 million rights offering. Borenius acted as a lead counsel to Exel Composites in the transaction and related financing negotiations.

In the offering, Exel Composites offered new shares for subscription based on pre-emptive rights for existing shareholders. Exel Composites plans to use the proceeds to strengthen its balance sheet via debt repayments and for the financing of working capital needs, the execution of its strategic factory network optimisation plan, and investments to support the company’s growth. The rights offering is expected to fortify Exel Composites’ financial foundation, paving the way for the successful execution of its strategic initiatives.

In conjunction with the rights offering, Exel Composites secured a new financing agreement of EUR 52.4 million from its principal lenders, available at the completion of the successful rights offering. This agreement is a pivotal step in refinancing existing bank loans and aligning the company’s financial strategy with its long-term goals.

The subscription period for the rights issue ended on 7 June 2024. The shares of Exel Composites are listed on the official list of Nasdaq Helsinki. This rights offering marks a significant milestone in Exel Composites’ journey towards sustainable growth and industry leadership.