Outokumpu has signed an unsecured EUR 700 million sustainability linked revolving credit facility with its key banks
Outokumpu Oyj
Press release
June 15, 2022 at 6.15 pm EEST
Outokumpu has signed an unsecured EUR 700 million sustainability linked revolving credit facility with its key banks
Outokumpu has today signed an unsecured EUR 700 million revolving credit facility, which will replace its existing, currently unused secured revolving credit facility of EUR 532 million. The proceeds will be used for general corporate purposes of the Group. The new facility which matures in February 2026 includes a 12-month extension option. The margin of the new facility is linked to emission reductions in line with the approved emission reduction target by the Science Based Targets initiative for 2030.
Says Pia Aaltonen-Forsell, CFO at Outokumpu: “As part of our de-risking strategy, we have secured our liquidity for the coming years by replacing our existing secured revolving credit facility, with a new unsecured revolving credit facility. One of the key objectives for us has been to move into unsecured financing. As the sustainability leader in our industry, it is also important to show commitment to our sustainability targets and therefore it has been agreed that the interest margin of the new facility is linked to the fulfilment of one of our most important sustainability targets of reducing CO2 emissions.”
BNP Paribas, Crédit Agricole Corporate and Investment Bank, Helsinki Branch, Danske A/S, Nordea Bank ABP, Filial i Sverige, OP Corporate Bank PLC, Skandinaviska Enskilda Banken AB (Publ) and Swedbank AB (Publ) acted as Mandated Lead Arrangers and Bookrunners. Nordea Bank ABP, Filial i Sverige is the documentation and facility agent.
For more information:
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669
Treasury: Timo Huhtala, SVP Group Treasury, tel. +358 40 712 5679
Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs some 9,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com