Barclays, Others Coordinate Sandvik Facility Amendment
Sandvik completed an amendment of its credit facility. The facility is divided into two currencies: €650 million ($88.6 million) and 5 billion SEK ($758 million). It includes Sandvik’s primary liquidity reserve, which is considered adequate to meet all normal, short-term liquidity requirements.
Handelsbanken, Nordea and SEB are coordinating mandated lead arrangers and bookrunners, in addition to Bank of Tokyo-Mitsubishi, Barclays, Citi, Danske Bank, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Royal Bank of Scotland, Societe Generale, Standard Chartered and Swedbank.
“I am pleased that we have been able to amend the facility to better reflect current market standards and reduced borrowing margins. It secures liquidity for the years ahead while also reconfirming the banks included in our core relationship bank group,” says Anders Örbom, group treasurer, Sandvik AB.
The Sandvik Group is a global industrial group offering equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials and process systems.