Ovako extends Pension Insurance Line and Revolving Credit Facility agreements

Ovako has extended its Pension Insurance Line and Revolving Credit Facility agreements until end of February 2019.

Ovako has a Pension Insurance Line of SEK 440 million and a Revolving Credit Facility of Euro 40 million which both were set to mature in November 2018. To better align the company's credit and bond structure, the company has today extended these agreements until end of February 2019. Conditions for both agreements, other than the termination dates, remain the same.

As previously published, the Ovako AB (publ) €300 million Senior Secured Note matures June 2019.

For more information please contact:
Oskar Bosson, Head of Group Communication, 46 (0)8 622 13 16
Nicholas Källsäter, Head of Group Business Control, 46 (0)8 622 13 23

Ovako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Our steel makes our customers’ end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally-friendly products.

Our production is based on recycled scrap and includes steel in the form of bar, tube, ring and pre-components. Ovako is represented in more than 30 countries, and has sales offices in Europe, North America and Asia. Ovako’s sales in 2015 amounted to EUR 834 million, and the company had 2,905 employees at year-end. For more information, please visit us at www.ovako.com

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About Us

About OvakoOvako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Our steel makes our customers’ end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally-friendly products. Our production is based on recycled scrap and includes steel in the form of bar, tube, ring and pre-components. Ovako has over 3,000 employees in more than 30 countries. Ovako’s sales in 2017 amounted to EUR 921 million. Since June 2018, Ovako is part of the Japanese steel corporation Nippon Steel & Sumitomo Metal Corporation that employs 92,000 globally and has a revenue of EUR 37 billion. For more information, please visit us at www.ovako.com and www.nssmc.com.