Outokumpu has signed a secured EUR 400 million term loan

by Hans Diederichs

Outokumpu has on Friday last week signed a secured EUR 400 million term loan. The margin of the loan is linked to the total recordable incident frequency rate and carbon dioxide emission per ton of stainless steel produced, both in relation to set targets. The proceeds will be used to refinance short term debt and to other general corporate purposes. The loan matures in June 2023 and it shares the security package e.g. with the syndicated revolving credit facility and with the notes due 2024.

Says Pia Aaltonen-Forsell, CFO of Outokumpu: “The new EUR 400 million term loan provides great support to our efforts to strengthen the debt structure and liquidity. The targets of the loan promote our commitment to sustainable business. We are very pleased for the interest shown by our key lenders to the sustainability linked loan.”

Danske Bank A/S and Swedbank AB (publ) coordinated the loan and acted as lead arrangers. Other lead arrangers were OP Corporate Bank plc, Skandinavista Enskilda Banken AB (publ) and Nordea Bank Abp. Other lenders were BNP Paribas SA Bankfilial Sverige, Crédit Agricole Corporate and Investment Bank, Helsinki Branch and Ilmarinen Mutual Pension Insurance Company. Danske Bank acted as the documentation agent and is the facility agent.

Source: Outokumpu Oyj        http://www.outokumpu.comPhoto: Fotolia

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