Ferronordic and Nordea Bank have agreed on a 3-year EUR 70m credit facility
Ferronordic and Nordea Bank have agreed on a credit facility, consisting of a EUR 40m revolving credit facility and a EUR 30m term loan. The facilities are running for three years. The purpose of the facility is partly to finance the group's working capital, and partly to finance the group's continued investments in Germany. The facility is also used to refinance the loan that was drawn from Nordea Bank in connection with Ferronordic's establishment in Germany in December 2019.
Ferronordic's CEO, Lars Corneliusson, comments:
"We are delighted to deepen our relationship with Nordea Bank and take advantage of strong debt markets to strengthen our liquidity and financial flexibility".
Ferronordic is a service and sales company in the areas of construction equipment and trucks. It is the dealer of Volvo Construction Equipment and certain other brands in all of Russia and Kazakhstan, aftermarket partner of Volvo Trucks and Renault Trucks in part of Russia, and dealer of Volvo Trucks and Renault Trucks in part of Germany. The company also offers contracting services where it owns and operates equipment to carry out works for customers. Ferronordic began its operations in 2010 and now has approx. 100 outlets and about 1,500 employees. Ferronordic's vision is to be regarded as the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com
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The information was submitted for publication on 30 April 2021, 10:00 CET.
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