Kurs & Likviditet
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Mid Cap Stockholm |
| Sektor | Handel & varor |
| Industri | Dagligvaror |
Scandi Standard has reached an agreement with a syndicate of banks on the main terms and conditions for a new sustainability-linked bank loan in an amount of approximately SEK3,200million. The bank loan is conditional upon entering into a binding facilities agreement.
The purpose of the bank loan is to, inter alia, refinance the group's existing bank financing and secure a robust, flexible and long-term financing tailored to match the group's ambitions for organic and strategic growth. The bank loan will comprise a SEK1,000 million multicurrency term loan facility, a SEK 1,100 million multicurrency revolving credit facility and a EUR 95 million single currency revolving credit facility. Provided that relevant lenders approve, there is an option to further increase the borrowed amount under the bank loan by an amount of up to SEK1,500million (or the equivalent in other currencies).
The terms of the bank loan will generally be consistent with Scandi Standard's existing bank financing and will, inter alia, require Scandi Standard to achieve an interest coverage ratio of at least 3.50:1 and ensure that the leverage ratio does not exceed a maximum of 4.00:1. From the fifth year, the leverage ratio must not exceed 3.00:1. The bank loan also includes an option to, subject to the approval of the lenders, increase the permitted leverage ratio for a period of twelve months following an acquisition. Such option may be used two times during the term of the bank loan.
As a result of the new bank financing, Scandi Standard will incur bank and legal fees totalling approximately SEK17million, which will be amortized over the tenor of the bank loan.
"We are very pleased by the strong support from our new bank group. The new five year financing provides us with the necessary financial flexibility to realise the organic potential set forth in our financial targets and to take an active part as a consolidator in existing and new markets" says Jonas Tunestål, CEO of Scandi Standard.
The bank loan is provided by ABN Amro, Bank of Ireland Group plc, DNB and Rabobank. Scandi Standard values the collaboration with these reputable actors.
Fredrik Sylwan, Group CFO, +46 70 642 23 04
Henrik Heiberg, Head of M&A, Financing & IR: +47 917 47724
This press release contains inside information that Scandi Standard AB (publ) is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the above contact persons on 19/7/2024 at 1000 (CEST).
About Scandi Standard
Scandi Standard is the leading producer of chicken-based food products in the Nordic region and Ireland. The company produces, markets and sells ready to eat, chilled and frozen products under the well-known brands Kronfågel, Danpo, Den Stolte Hane, Manor Farm and Naapurin Maalaiskana. Eggs are also produced and sold in Norway. We are approximately 3,200 employees with annual sales of more than SEK 13 billion. For more information, please visit www.scandistandard.com.