YIT Oyj's Board of Directors Approves Demerger Plan Concerning Partial Demerger; Company Announces Long-Term Loan Agreement, Revolving Credit Facility and Bridge Financing Agreement

YIT Oyj (YIT) announced that the Board of Directors of YIT has on February 21, 2013 approved a demerger plan concerning a partial demerger. According to the demerger plan, YIT will demerge so that all of the assets and liabilities related to YIT’s Building Systems business are transferred to a company to be established in the demerger named Caverion Corporation (Caverion). YIT’s Construction Services business will remain with YIT. The demerger will become effective when the Extraordinary General Meeting of YIT has approved the demerger and its implementation is recorded with the Finnish Trade Register. The planned registration date is June 30, 2013, after which the shares of Caverion will be admitted for public trading on Nasdaq OMX Helsinki Oy. Trading with Caverion shares is intended to commence as soon as possible after the implementation of the demerger. According to the demerger plan, YIT’s shareholders shall receive as demerger consideration one share in Caverion for each share owned in YIT. No action is required from the shareholders in relation to the receipt of the demerger consideration. The demerger requires financiers’ consent and re-arrangement of YIT’s financing. Such arrangements include a long-term loan agreement of EUR 140 million, a revolving credit facility of EUR 60 million and a bridge financing agreement of no more than EUR 67 million. YIT will continue negotiations with its financiers in order to finalize the financing arrangements.