Outokumpu Oyj has signed an amendment and extension of its committed syndicated revolving credit facility. The restated facility of EUR 650M has its maturity in May 2021 with an option to extend maturity by one year. The facility will be used for general corporate purposes. The restated facility agreement includes one financial covenant based on gearing. In connection with the amendment and extension of the syndicated facility Outokumpu has cancelled a bilateral credit facility of EUR 30M, which had its maturity on February 2019.
Outokumpu has agreed with key lenders a partial security release, where Outokumpu Stainless Ltd, Outokumpu Stainless Holdings Ltd., Outokumpu Holding Italia SpA, Outokumpu Treasury Belgium NV and Orijärvi Oy, will be released from obligations to guarantee Outokumpu Oyj’s debt. Furthermore, pledges on real estate in Sweden and in Germany, as well as a number of share pledges will be released. The security package continues to include most of the Group’s key assets. The security package will cover the restated facility, certain other bank loans and the notes due June 2021.