Papyrus refinances its term and revolving credit facility

Papyrus has signed a EUR 260 million term and revolving credit facility agreement with Svenska Handelsbanken, refinancing its current EUR 420 million facility. The extended 5-year facility matures in November 2016, and will be used to increase liquidity efficiency and flexibility. At closing Papyrus has EUR 100 million of unused available revolving credit as back-up for general corporate purposes and to support the financing of Papyrus strategic initiatives.  The significant amortization of the current bank debt with Handelsbanken was enabled by strong cash generation during the past years.

"We are pleased with the continued support and commitment from our strategic financing partner, Svenska Handelsbanken.  The rationale for refinancing is to provide Papyrus freedom to operate and to safeguard a stable platform for the strategic development of the company, besides the basic need to extend the maturity in the current financial macro environment." says Stig Johansson, CFO at Papyrus.

For further information, please contact:
Stig Johansson, CFO, Tel +46 730 270804
Stefan Sikander, Corporate Communication Director, Tel: +46 706 404684

Papyrus
Papyrus, with net sales of EUR 1 896 million in 2010, is a leading European merchant in paper, facility supplies and industrial packaging. The company is currently present in 22 countries across Europe and employs some 2 700 people. Papyrus supports more than 65,000 customers by providing products and services that enhance efficiency and contribute to a more successful business. With a long tradition and record of excellence, Papyrus is committed to staying at the forefront by offering quality products, high service levels and reliable logistics solutions. The Papyrus head office is located in Göteborg, Sweden.
www.papyrus.com

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