Gränges' financing mainly consists of term loans and bonds issued under the Group’s MTN program. As at 31 December 2018, the interest-bearing debt amounted to SEK 2,632 (2,791) million. The outstanding amount of term loans corresponded to SEK 1,712 million, whereof SEK 200 million is due in 2019. Gränges issued two bonds of SEK 300 million each during the third quarter of 2018. Both with floating rate interest and tenors of 3 and 5 years respectively.
The main loan facilities are a multi-currency revolving credit facility of SEK 2,000 million which is due 29 March 2022 with an option to prolong for two years, a revolving credit facility of USD 50 million due 29 March 2022 and an USD 100 million Term Loan due 29 March 2024.
Gränges has a commercial paper program available in Swedish Krona with a framework amount of SEK 1,500 million. A total of SEK 250 million of Commercial papers was issued as per 31 December 2018.
Gränges established an MTN Program (Medium Term Notes) with a framework amount of SEK 3 billion on August 30, 2018. The prospectus has been approved by Finansinspektionen, the Swedish financial supervisory authority, and is also available at www.finansinspektionen.se.
Financing of Gränges acquisition of Aluminium Konin
In November 2019, Gränges signed an agreement to acquire the Polish flat rolled aluminium producer Aluminium Konin. The transaction is subject to regulatory approval by the relevant competition authorities and closing is expected in the second quarter of 2020.
Gränges has secured bank financing to finance the Transaction. Danske Bank, Nordea Bank and Svenska Handelsbanken act as Underwriters and Bookrunners for a SEK 2.3 billion bridge loan facility with a time to maturity of 18 months. This is intended to be repaid by bank loans, debt capital market instruments, and a new share issue with preferential rights for existing shareholders to a total amount of approximately SEK 2 billion.
For further information, please contact:
Johan Dufvenmark, VP Group Treasury & Investor Relations
Phone: +46 705 97 43 75
||20 September 2018
||20 September 2018