Core Viewpoint - Rapala VMC Corporation is planning to issue new euro-denominated hybrid capital securities amounting to up to EUR 25 million, while also inviting holders of existing hybrid capital securities to tender them for cash as part of a proactive debt management strategy [2][4][15]. Group 1: New Capital Securities - The new capital securities will be subordinated to existing debt obligations and treated as equity in the financial statements [3]. - The issuance is subject to market conditions and is intended to refinance existing capital securities and support general corporate purposes [2][15]. - The largest shareholder, Viellard Migeon Et Compagnie Sa, will roll over EUR 7.2 million of its existing holdings into the new capital securities [5]. Group 2: Tender Offer - The tender offer invites holders of existing capital securities, initially issued with a nominal amount of EUR 30 million, to tender their securities for cash [4]. - The purchase price for the existing capital securities is set at EUR 20,700 per EUR 20,000 in principal amount [12]. - The tender offer period is expected to expire on November 24, 2025, with settlement anticipated around November 27, 2025 [14]. Group 3: Refinancing and Financial Covenants - Rapala VMC has secured EUR 91.5 million in senior secured term and revolving facilities for refinancing existing loans and general corporate purposes [8]. - Completion of the new capital securities issuance and the tender offer is a precondition for the refinancing [9]. - Financial covenants related to leverage ratios and minimum liquidity will be regularly tested [10].