The facility was self-arranged and has been provided by a group of eight leading international banks – DnB NOR Bank ASA, Svenska Handelsbanken AB (publ), ING Bank N.V, Merchant Banking, Skandinaviska Enskilda Banken AB (publ), Nordea Bank AB (publ) and Swedbank AB (publ) as Mandated Lead Arrangers, and with BNP Paribas SA and Crédit Agricole Corporate and Investment Bank as Arrangers. Nordea Bank AB acts as Facility and Documentation Agent in the transaction.
The new facility replaces the Group’s existing SEK 3,500 million multi-currency credit facility, which was due in February 2011, and the SEK 3,000 million term loan, which was due in April 2012.
The Group had net debt of SEK 3,031 million as at the last reported balance sheet date of 30 September 2010, which was equivalent to 1.1 times the Group’s trailing twelve month EBITDA.
Mathias Hermansson, Chief Financial Officer, commented: “We are delighted to have been able to successfully arrange new long-term financing for the Group at attractive pricing levels, which reflects our operating performance and track record. The facility was oversubscribed and we are very pleased to have received such strong support from our existing relationship banks and to start new relationships with two new banks. The facility will enable us to continue to invest in future growth and to build our market positions for the future.”