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Glaston Concludes EUR 74 Million Revolving Credit Facility Agreement

Post Time:Nov 23,2009Classify:Company NewsView:278

Today, Glaston Corp. signed a EUR 74 million revolving credit facility agreement with its core banks. This loan will supersede the arrangements of a corresponding size made earlier with the same banks. The loan period is two years, with an option of a one-year extension period subject to agreement between the parties. It is intended to cover the corporation's general financing requirements and the repayment of earlier, bilateral arrangements.

According to a company announcement, the agreement includes covenants and borrower obligations in line with market practices. In addition, the terms of the agreement set restrictions on dividend payments. Dividend payment is thereby conditional on Glaston's gearing, which may not exceed 80 percent before or after any dividend payment. These restrictions do not apply to statutory dividends.

Pohjola Bank will function as the mandated lead arranger for the agreement, with Sampo Bank and Nordea as the arrangers.
 

Source: usgnnAuthor: shangyi

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