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Suominen gets credit linked to sustainability targets

13
Jul '20
Pic: Shutterstock
Pic: Shutterstock
Suominen Corporation, which manufactures nonwovens as roll goods for wipes and other applications, has entered into a single-currency syndicated revolving credit facility agreement of €100 million with a maturity of three years with two one-year extension options. The lenders for the facility are Danske Bank A/S, Finland Branch and Nordea.

The new credit facility includes leverage ratio and gearing as financial covenants.

The margin of the facility will increase or decrease dependent on Suominen meeting two sustainability key performance indicators (KPI), namely: increase in the sales of sustainable products, and reduction of greenhouse gas emissions.

The new credit facility replaces the existing €100 million syndicated revolving credit facility agreement of Suominen provided by Nordea and Svenska Handelsbanken AB (publ), Branch Operation in Finland as the lenders.

In 2019, the Finland-based company's net sales stood at €411.4 million.

Fibre2Fashion News Desk (RKS)

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