A consortium led by Credit Suisse will provide a five-year credit facility to Cavotec. Cavotec chose Credit Suisse after conducting a process to procure a new long term credit facility, resulting in competing bids involving several bank consortia.
“I’m pleased with the agreement with Credit Suisse as it gives Cavotec a cost-effective financing, increased financial flexibility and a prolonged time to maturity,” Mikael Norin, CEO of Cavotec, said. “To have this positive outcome in the midst of the current pandemic situation is a testament to the strength of our financial standing coming out of the transformation of the company”.
In connection with the new credit facility, a corresponding amount will be repaid on Cavotec’s current credit facility.
Cavotec is an engineering group that designs and manufactures automated connection and electrification systems for ports, airports and industrial applications.