Outokumpu reduces credit facilities and signs EUR 775 million maturity extensions

OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
December 14, 2015 at 1.30 pm EET

Outokumpu Oyj has today prepaid and cancelled EUR 100 million of its EUR 900 million revolving credit facility and signed an amendment and extension agreement relating to the remaining EUR 800 million. The amended facility includes a new EUR 655 million tranche which matures in February 2019 and the remaining EUR 145 million will mature in February 2017. BNP Paribas, Crédit Agricole Corporate and Investment Bank, Danske Bank, Nordea, Pohjola Bank, Skandinaviska Enskilda Banken, Svenska Handelsbanken and Swedbank act as Lenders in the extended tranche. In addition, Outokumpu cancels and prepays some EUR 240 million of its bilateral loans, including pension loans, and extends two bilateral facilities by a total amount of EUR 120 million to February 2019.

Says Reinhard Florey, CFO and Interim CEO of Outokumpu: “We are taking decisive measures to reduce debt levels and to strengthen Outokumpu’s financial position. The recent divestment of the Shanghai Krupp Stainless shares demonstrates our strong commitment to this target. The transaction enabled significant debt reduction and extension of the credit facilities. Outokumpu’s debt maturity profile becomes more balanced and annual financing costs will decrease by some EUR 20 million. We are very pleased with the successful extension of the credit facilities and strong support by the core banking group.”

The key credit facilities continue to be covered by the same security package as earlier. The syndicated revolving credit facility includes two financial covenants, one based on gearing and the other on liquidity.

For more information:

Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778

Outokumpu Group


Outokumpu is a global leader in stainless steel. We create advanced materials that are efficient, long lasting and recyclable – thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 12 000 professionals in more than 30 countries, with headquarters in Espoo, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com