Vantaa, Finland, 2014-06-19 09:00 CEST (GLOBE NEWSWIRE) -- Cramo Plc Stock Exchange Release 19 June 2014 at 10.00 am Finnish time (GMT+2)
Cramo Plc has refinanced long-term credit agreements totalling EUR 375 million
Cramo Plc has signed a new long-term club loan with a total amount of EUR 375 million to refinance its existing long-term loan facilities.
The existing facility was agreed in 2010 and was due to mature in December 2015. The new unsecured syndicated loan matures on 1 January 2020 with one year extension option. The loan consists of a EUR 125 million term loan and a EUR 250 million revolving credit facility. The loan has one financial covenant: the Net Debt to EBITDA ratio.
The following five banks participated as Mandated Lead Arrangers in the transaction: DNB, Nordea, Pohjola Bank, SEB and Swedbank. Pohjola Bank acted as the coordinator of the transaction on behalf of Cramo Plc.
“The refinancing of Cramo’s long-term syndicate loan agreement is important for the company from several perspectives. The new loan arrangement improves the maturity profile of Cramo’s debt portfolio and reduces the Group’s interest expenses. Furthermore, the new loan arrangement, with one financial covenant instead of the previous two, provides also additional flexibility for the Group to pursue a growth strategy both organically and through acquisitions”, comments Mr Martti Ala-Härkönen, CFO of Cramo Group.
CRAMO PLC
Vesa Koivula
President and CEO
Further information
Martti Ala-Härkönen, CFO, tel. +358 40 737 6633
Distribution
NASDAQ OMX Helsinki Ltd.
Major media
www.cramo.com
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in fifteen countries with 360 depots. With a group staff around 2.500, Cramo's consolidated sales in 2013 was EUR 660 million. Cramo shares are listed on the NASDAQ OMX Helsinki Ltd.