Suominen Secures New Credit Facility to Strengthen Operations
Suominen Corporation's New Credit Facility Agreement
Suominen Corporation has made a significant move by entering into a new syndicated credit facility agreement, which will bolster its financial stability and support its future operations. This agreement involves a total of EUR 100 million, comprising a EUR 50 million term loan along with a EUR 50 million revolving credit facility. Both components of the credit facility have a maturity of three years, with an option for a one-year extension.
Details of the Credit Agreement
The established lenders for this vital credit facility are Danske Bank A/S and Nordea Bank Abp. This strategic partnership not only reflects confidence in Suominen's business model but also indicates the banks' commitment to support the company's growth. The new agreement comes with financial covenants focused on leverage ratios and gearing, ensuring that Suominen maintains a strong financial foundation.
Replacement of Previous Facilities
Importantly, this new credit facility replaces an existing EUR 100 million syndicated revolving credit facility that was also provided by Danske Bank A/S and Nordea Abp. The replacement is aimed at improving the terms and structure of the company’s financing arrangements, enabling Suominen to optimize its capital structure and reduce financial risk.
Suominen’s Business Overview
Suominen Corporation is renowned for manufacturing high-quality nonwovens that serve as roll goods for wipes and various applications worldwide. The company emphasizes its vision to be a frontrunner in terms of innovation and sustainability within the nonwovens sector. With a strong presence across the globe, Suominen’s products are essential in the daily lives of consumers everywhere.
The Future of Suominen
In the fiscal year prior, Suominen reported net sales totaling EUR 462.3 million, a testament to its robust operational capabilities and market demand. Employing over 700 skilled professionals across Europe and the Americas, the company is well-positioned to continue its trajectory of growth and development.
Leadership Insights
For media inquiries and further information, Janne Silonsaari, the CFO and interim President & CEO, is available to provide insights into the company’s strategic direction and operational updates. You can reach Janne at +358 (0)50 409 9264.
Company Contact and More Information
Suominen’s dedication to providing high-quality products is complemented by its commitment to transparency and communication with stakeholders. Further details can be found on the company’s official website, accessible here. This site provides a wealth of information about their initiatives and future outlook.
Frequently Asked Questions
What does the new credit facility entail for Suominen?
The new credit facility includes a EUR 50 million term loan and a EUR 50 million revolving credit facility, aimed at enhancing financial stability and operations.
Who are the lenders involved in the new agreement?
The lenders for Suominen's new credit facility are Danske Bank A/S and Nordea Bank Abp.
How does this facility replace the previous agreement?
This new facility replaces an existing EUR 100 million syndicated revolving credit facility, offering improved terms for Suominen.
What is Suominen's core business focus?
Suominen specializes in manufacturing nonwovens for wipes and other applications, placing a high emphasis on innovation and sustainability.
How can I contact Suominen for more information?
For inquiries, you can contact Janne Silonsaari, CFO and interim President & CEO, at +358 (0)50 409 9264.
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