Sanoma Drops on Report of Meeting Bond Investors: Helsinki Mover
Sanoma Oyj (SAA1V), a Finnish publishing and broadcasting company, fell to a six-week low in Helsinki trading following a report the company plans to meet bond investors.
Sanoma fell as much as 2.6 percent, the most on the OMX Helsinki 25 index. The stock fell 25 cents, or 2.5 percent, to 9.75 euros as of 2:41 p.m. Sanoma, based in the Finnish capital, has lost 34 percent of its value in the last 12 months, compared with an 14 percent decline for the OMX Helsinki 25 index.
Sanoma will hold meetings with bond investors in Europe starting March 5, two people with knowledge of the arrangements said. Sanoma added debt when it bought stakes in Dutch and Belgian broadcasting and print assets from Unterfoehring, Germany-based ProSiebenSat.1 Media AG (PSM) last year. The company aims to replace a maturing 250 million-euro ($336 million) bridge-to-bond facility with a bond issue this year, Chief Financial Officer Kim Ignatius said Feb. 7.
BNP Paribas SA, ING Groep NV and Nordea Markets are arranging the bond presentations, the people said.
The company cut its dividend proposal to 0.60 euros a share, compared with 1.1 euros a year earlier, and forecast Feb. 7 that full-year sales will grow “slightly.”
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