Cloetta AB enters into an amendment and restatement regarding its current term and revolving facilities agreement (the “Facilities Agreement”) with a group of four banks. A commercial paper programme will also be launched to reduce certain debts. Annual savings are expected to be approximately SEK 10m.
The amendments to the Facilities Agreement are expected to come into effect during June 2018, subject to certain customary conditions precedent, and comprise, in short, of: a EUR 50m reduction under the current EUR 175m term loan, including an extension of the tenor from three to four years with the possibility of an extension for up to a further two years; a SEK 200m reduction under the current SEK 1,000m bridge loan with an extension of the tenor from one to five years; and an extension of the tenor under the current EUR 120m revolving credit facility from five to six years.
Furthermore, Cloetta will launch a commercial paper programme of up to SEK 1,000m in order to minimise financing cost while maintaining flexibility for additional financing needs at short notice. Lead arranger will be Skandinaviska Enskilda Banken AB (publ).
The commitments under the Facilities Agreement are split equally between Danske Bank A/S, Danmark, Sverige Filial, DNB Sweden AB, Skandinaviska Enskilda Banken AB (publ) and Svenska Handelsbanken AB (publ). Skandinaviska Enskilda Banken AB (publ) is acting as agent and coordinator of the process in their role as documentation agent.
Jacob Broberg, SVP Corporate Communications & Investor Relations, 46 70 190 00 33.