Sandvik Resumes Loan Agreement from the European Investment Bank
For the second time Sandvik (STO:SAND) resumes a loan agreement from The European Investment Bank (EIB).The new agreement amounts to 250 million EUR and is based on Sandvik's investments in Research and Development in Europe during the years of 2012 to 2015. A similar loan was signed in 2007 for activities carried out during the years 2007 to 2011.
The disbursement of the loan was made in October, which has a 10 year maturity. Amortization will start after four years.
“This loan extends and evens our debt maturity profile at the same time as it contributes to a further diversification of funding sources, in line with Sandvik's funding strategy,” says Anders Örbom, Group Treasurer, Sandvik AB.
Stockholm, 25 October 2012
Sandvik AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 07:45 CET on 25 October 2012.
The Sandvik Group Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2011, the Group had about 50,000 employees and representation in 130 countries, with annual sales of nearly 94,000 MSEK.
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