Suominen entered into a single-currency syndicated revolving credit facility agreement of €100 million ($113.31 million) with a maturity of three years and two one-year extension options. The lenders for the facility are Danske Bank and Nordea. The new credit facility includes leverage ratio and gearing as financial covenants.
The margin of the facility will increase or decrease depending on Suominen’s ability to meet two sustainability key performance indicators, namely an increase in the sales of sustainable products and the reduction of greenhouse gas emissions.
The new credit facility replaces Suominen’s existing €100 million ($113.31 million) syndicated revolving credit facility agreement with Nordea and Svenska Handelsbanken.
Suominen manufactures nonwovens as roll goods for wipes and other applications.