A strong turnaround in its fortunes has enabled the Rapala VMC Corporation to pay back a €25m debt.
The Finnish fishing tackle giant announced to the Swedish Stock Exchange last week that it is to settle the outstanding Hybrid Bond on November 15th this year. The group’s President and CEO, Nicolas Warchalowski (main picture) told investors: “I am extremely happy to make this announcement. This marks a new chapter in the One Rapala VMC journey and is a demonstration of a successful and strong turnaround of the group.
“Implementation of the One Rapala VMC strategy is progressing much faster and is significantly ahead of the plan, making the repayment of the Hybrid Bond an important milestone for the whole team.”
• A Hybrid Bond is an instrument which is subordinated to the company’s other debt obligations. It is treated as an equity in financial statements, but does not confer to its holders the rights of a shareholder and does not dilute the holdings of its shareholders.