SATO gets unsecured seven-year loan of €100 million from Swedbank
4 August 2017
SATO Corporation and Swedbank AB (publ) have signed an agreement on an unsecured loan of €100 million in Helsinki on 4 August 2017. The agreement with Swedbank continues the series of long term financing agreements that are consistent with the main terms of unsecured bonds issued by the company.
“Deepening the co-operation with Swedbank with a loan arrangement perfectly suitable to our finance strategy is a valuable thing to us. This financing agreement is an excellent continuation to the process where unsecured loan agreements have previously been made with Aktia Bank, the European Investment Bank and OP Corporate Bank”, says SATO’s President and CEO Saku Sipola. The cash proceeds will be used to refinance secured debt and for general financing purposes of the group.
The financing agreement strengthens measures taken by SATO to adjust its financing structure towards increased use of unsecured debt. SATO's unencumbered assets ratio was 56.3% at the end of Q1 2017.
SATO has consistently diversified its financing structure and improved its liquidity position. An important step in this was the €400 million unsecured syndicated credit facility agreement signed in June 2016 with several commercial banks. The solidity of SATO's financing structure has also been boosted further by unsecured bonds.
For more information please contact:
Markku Honkasalo, CFO, phone +358 201 34 4226 or +358 50 598 8728
Janne Runsamo, Group Treasurer, phone +358 201 34 4009 or +358 45 671 3567