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Metso arranges funding to prepare for COVID-19 impacts

Published by , Deputy Editor
World Cement,

To be well prepared for the impacts of COVID-19 on its businesses, Metso has obtained new funding totalling EUR 290 million.

The new funding consists of a EUR 100 million, two-year term loan from Nordea Bank, which is expected to be drawn soon. In addition, Metso signed four bilateral revolving credit facilities totalling EUR 190 million for one and two years with four banks. The four banks are Commerzbank AG, OP Corporate Bank Plc, Skandinaviska Enskilda Banken, and Standard Chartered Bank. All the revolving credit facilities are currently undrawn. All the facilities will be transferred to Metso Outotec at the completion of the combination of the Metso Minerals Business with Outotec, which is expected to take place on 30 June, 2020, subject to the receipt of all required regulatory and other approvals.

After these arrangements, Metso’s available funding totals EUR 790 million and is largely based on its undrawn EUR 600 million Revolving Credit Facility.

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European cement news