Outokumpu Oyj has signed a EUR 900 million committed revolving credit facility having its maturity in June 2015, with an option to extend the facility by one year, subject to an approval by the banks. The new facility will be used for general corporate purposes and it replaces the EUR 750 million facility signed in June 2011 and the EUR 250 million facility that became effective in December 2012.
The new facility agreement includes two financial covenants, one based on gearing and the other on liquidity.
The previously arranged forward start facility of EUR 250 million will become effective with an amount of EUR 100 million to cover the shortfall between the expiring EUR 1 billion facilities and the new facility of EUR 900 million. The forward start facility will expire in January 2014.
The previously arranged forward start facility of EUR 250 million will become effective with an amount of EUR 100 million to cover the shortfall between the expiring EUR 1 billion facilities and the new facility of EUR 900 million. The forward start facility will expire in January 2014.
Outokumpu is very pleased with the results of the refinancing and strong support by its core banking group. Banks acting as Mandated Lead Arrangers and Bookrunners are Credit Agricole Corporate and Investment Bank, Nordea and Skandinaviska Enskilda Banken AB. Arrangers are Handelsbanken, Danske Bank, Pohjola Bank, Swedbank, Royal Bank of Scotland, JP Morgan, and BNP Paribas.