Finnish listed property firm Sponda has been granted a new five-year loan for a total of EUR 375 mln from a syndicate of Nordic banks Nordea, Pohjola, Skandinaviska Enskilda, Danske and Swedbank.
Finnish listed property firm Sponda has been granted a new five-year loan for a total of EUR 375 mln from a syndicate of Nordic banks Nordea, Pohjola, Skandinaviska Enskilda, Danske and Swedbank.
The financing deal includes a syndicated credit for EUR 275 mln and a EUR 100 mln credit limit facility.
The loan has a margin of 1.70 percentage points and is being used in its entirety for refinancing existing loans that mature in 2012. The terms are similar to those for Sponda's other loans and the main covenants are linked to the equity ratio and the interest cover ratio, the company said.
'In the uncertain European market situation we see the now signed agreement as a very good sign for Sponda's reputation as a trustworthy debtor. It also shows the ability of the Nordic banks to provide financing in difficult markets,' said Sponda's president and CEO Kari Inkinen.
