Lemminkäinen obtains EUR 160 million line of credit
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 31.12.2010, AT 8.30 A.M.
LEMMINKÄINEN OBTAINS EUR 160 MILLION LINE OF CREDIT
On 30 December 2010, Lemminkäinen agreed on a total of EUR 160 million line of credit through bilateral agreements with Nordea Bank, Pohjola Bank, Sampo Bank and Svenska Handelsbanken. Serving as a reserve for the commercial paper programme, the facilities are unsecured with a three-year maturity. They replace the current syndicated credit facility of EUR 150 million expiring in June 2011.
The credit facilities are subject to two quarterly reviewed covenants, the four-quarter average equity ratio and the four-quarter average ratio of net debt to EBITDA.
As part of the financing arrangements, Lemminkäinen has also renewed the bank guarantees of EUR 90 million for its Tyel loans with Nordea Bank, Sampo Bank and the insurance company Garantia.
CFO Robert Öhman
Tel. +358 2071 53515
NASDAQ OMX Helsinki
Lemminkäinen Group operates in all areas of the construction sector. The Group's business sectors are Building Construction, Infrastructure Construction, Technical Building Services, and Building Products. As of 1 January 2011, the operations of Building Products will be transferred to the Infrastructure Construction business sector. Net sales in 2009 were approx. EUR 2.0 billion, of which international operations accounted for over a quarter. The Group employs about 8,600 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.com