Boreo has announced that it will issue a new EUR 10m equity-classified hybrid convertible bond. The hybrid has a 4% annual coupon until 2030, and bond holders have an option to convert the hybrid bond to shares at a strike price of EUR 19. The issuance strengthens Boreo's balance sheet, decreases financing risks and gives the company opportunity to focus on its growth strategy and return earlier to an acquisition path, we believe. Hence, we see the issue as positive.

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