The new facility was self-arranged and is provided by a group of eight international banks. DNB, Nordea, SEB, Svenska Handelsbanken and Swedbank are acting as Mandated Lead Arrangers and Bookrunners. Credit Agricole Corporate and Investment Bank, ING Belgium NV/SA and UniCredit Bank Austria AG are Lead Arrangers. DNB and SEB have provided the term loan, which has a maturity of two years, with two extension options of one year each. DNB acts as Facility and Documentation Agent for both facilities.
MTG had net debt (defined as cash and cash equivalents and interest bearing assets less interest bearing liabilities) of SEK 373 million as of 30 September 2013, which was equivalent to 0.3 times the Group’s trailing twelve month EBITDA. SEK 5.6 billion of the Group’s total available credit facilities, was unutilised as at the end of September 2013.
Mathias Hermansson, MTG Chief Financial Officer, commented: “We have now successfully arranged new long-term financing for the Group at attractive pricing levels. This reflects our healthy growth and strong cash flow generation as well as our good relationships with the banks. The new structure will support our ongoing strategic development, as well as our ambition to explore a potential diversification of funding sources moving forward. We will continue the accelerated pace of our investments in growth whilst also continuing to generate healthy total shareholder returns.”