Storskogen refinances credit facility agreements

Regulatory information
Corporate news

Storskogen Group AB (publ) (“Storskogen”) has entered into a binding agreement to refinance both oustanding unsecured facility agreements, by which Storskogen extends the average maturity of its debt portfolio and reduces the scope of its bank financing.

On 16 March 2024, Storskogen entered into a binding agreement to refinance the previous revolving credit facility of EUR 1 billion (whereof EUR 357 million was utilised as of 31 December 2023) maturing on 24 September 2025, with an unutilised one-year extention option, and the unsecured syndicated term facility of EUR 300 million (whereof EUR 115 million was outstanding as of December 31 2023) maturing on 24 March 2025. These have been replaced by a smaller unsecured facility agreement with a revolving credit facility of EUR 400 million, with an accordion option of EUR 43 million, and an unsecured syndicated term facility of EUR 330 million. The revolving credit facility has a duration of approximately three years, with an extension option for up to two-years, and the syndicated term facility has a two-and-a-half year duration.

The facility agreement was entered into with an international bank syndicate. The average maturity for the Group’s credit portfolio is thereby extended from 18 to 33 months.

“In the past year, we have persistently improved the credit quality of Storskogen in collaboration with the lending banks. Today, we are adding another piece to the puzzle by extending the duration and reducing the scope of our bank financing. Consequently, we have a balanced and diversified debt portfolio with an evenly distributed maturity profile”, says Lena Glader, CFO of Storskogen.

“I am pleased with how we have managed to adapt our financing to better align with our needs and priorities. Our solid financial standing and strong cash flows, enhanced with this refinancing, positions us strongly for the coming years”, says Christer Hansson, Interim CEO of Storskogen.

Danske Bank and Nordea have acted as coordinators and Mannheimer Swartling Advokatbyrå has acted as legal counsel to Storskogen in connection with the new credit facility agreement.

For more information, please contact:
Andreas Lindblom, Head of Investor Relations
+46 72 506 14 22

Michael Metzler, Head of Communication 
+46 73 305 59 55

This press release contains inside information that Storskogen Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the above contact person on 16 March 2024 at 12:10 (CET).

About Storskogen
Storskogen is an international group of businesses across Trade, Industry, and Services. With a long-term ownership horizon, we are positioned to identify, acquire, and develop market leaders with sustainable business models. Storskogen creates value by providing access to capital and strategic direction combined with active governance and a decentralised operational model. Storskogen has over 12,000 employees, net sales of SEK 36 billion (LTM) across a diversified group of businesses and is listed on Nasdaq Stockholm.