Storskogen enters into bank facility agreement
Storskogen Group AB (publ) (”Storskogen”) has signed a bank facility agreement of EUR 500 million, to be used as a back-up facility and increase financial flexibility.
Storskogen continues its growth journey and has so far this year complemented the portfolio with several new acquisitions of companies within verticals where the group already has a significant presence and industry expertise, as well as add-on acquisitions to exisiting portfolio companies. To support its strategy and future growth as well as continuing to diversify its funding sources during volatile market conditions, Storskogen has entered a short-term bank facility agreement of EUR 500 million led by J.P. Morgan, BNP Paribas and Nordea. The bank facility, which will be used as a back-up facility, expires by year-end and Storskogen intends to refinance any amounts used in the bond market.
“The new bank facility gives us additional flexibility and security to continue growing in line with our financial targets and leverage policy. Storskogen is also well positioned for future bond issuance, which the credit ratings Ba1 from Moody’s and BB+ from S&P confirms”, says Lena Glader, CFO.
J.P. Morgan has acted as agent. Milbank LLP and Gernandt & Danielsson Advokatbyrå acted as legal advisors to Storskogen in connection with the bank facility agreement.