SATO continues to diversify its financing structure: unsecured loan of ?50 million from Aktia Bank
(Thomson Reuters ONE) -
SATO Corporation, Press Release, 14th December 2016 at 1:25 pm
SATO Corporation and Aktia Bank plc have agreed on an unsecured bilateral loan
of ?50 million. The loan will be used for refinancing purposes. The agreement on
the five-year loan with two one-year extension options was signed in Helsinki on
14 December 2016. The financing agreement is part of SATO's continuous process
to adjust its financing structure towards increased use of unsecured debt.
SATO has diversified its financing structure and improved its liquidity position
with ?400 million unsecured syndicated credit facilities signed with several
commercial banks in June.
The solidity of SATO's financing structure has also been boosted further by
unsecured bond issues and the unsecured loan of ?150 million obtained last month
from the European Investment Bank (EIB).
- This loan from Aktia helps enable our flexible investments in the near future,
says SATO President and CEO Saku Sipola. The loan is important for us as it
diversifies SATO's financing structure further and supports our objective of
increasing the share of unencumbered assets.
According to Sipola, commercial banks can also see the changes made in SATO's
financing structure and find that it makes sense for them to support the company
in its unsecured borrowing arrangements.
For more information please contact:
SATO Corporation
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 551 5953
Janne Runsamo, Group Treasurer, phone +358 201 34 4009 or +358 45 671 3567
www.sato.fi/en
SATO is one of Finland's leading rental housing providers. SATO's aim is to
offer comprehensive alternatives in rental housing and an excellent customer
experience. SATO holds roughly 25,700 rental apartments in Finland's largest
growth centres and in St Petersburg.
In our operations, we promote sustainable development and initiative-taking, and
work in open interaction with our stakeholders to create added value. We operate
profitably and with a long-term view.We increase the value of our housing
property through investments, divestments and repair work.
SATO Group's net sales in 2015 were ?323.4 million, operating profit ?196.5
million and profit before taxes ?159.4 million. SATO's investment properties
have a value of roughly 3.3 billion (Q3/2016).
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SATO Oyj via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 14.12.2016 - 12:25 Uhr
Sprache: Deutsch
News-ID 512891
Anzahl Zeichen: 3019
contact information:
Town:
Helsinki
Kategorie:
Business News
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"SATO continues to diversify its financing structure: unsecured loan of ?50 million from Aktia Bank"
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SATO Oyj (Nachricht senden)
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