Lemminkäinen signs EUR 255 million financing arrangement
LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 27 MARCH 2013 AT 3:30 P.M.
LEMMINKÄINEN SIGNS EUR 255 MILLION FINANCING ARRANGEMENT
Lemminkäinen Corporation has agreed on a financing arrangement totalling EUR 255 million. This arrangement comprises a three-year syndicated revolving credit facility of EUR 185 million and a two-year syndicated term loan facility of EUR 70 million. They replace the bilateral credit facilities, totalling EUR 160 million, originally agreed to mature in December 2013.
The credit facilities include two covenants reviewed on a quarterly basis: average equity ratio over four quarters and the average net debt to EBITDA ratio over four quarters. The facilities are unsecured.
"We are pleased to be able to increase our credit facility. This financing arrangement will strengthen our liquidity and give us more financial flexibility," says Robert Öhman, CFO of Lemminkäinen.
Nordea Bank Finland Plc acted as the coordinating bank for the credit facilities. In addition, Danske Bank A/S, Helsinki Branch, Pohjola Bank Plc and Handelsbanken are involved in the arrangement, contributing varying shares of the financing.
CFO Robert Öhman
tel. +358 2071 53515
NASDAQ OMX Helsinki
Lemminkäinen Group operates in all areas of the construction sector. The Group's business segments are building construction, infrastructure construction, technical building services and international operations. Net sales in 2012 were about EUR 2.3 billion, of which international operations accounted for roughly 40 per cent. The Group employs an average of 8,200 people. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com