ITAB renegotiates terms of credit facilities and intends to enter into short-term shareholders' loans to manage COVID-19 pandemic impact on business.
NORDIC BUSINESS REPORT-June 26, 2020-ITAB renegotiates terms of credit facilities and intends to enter into short-term shareholders' loans to manage COVID-19 pandemic impact on business
(C)2020 M2 COMMUNICATIONS http://www.m2.com
ITAB Shop Concept AB (ITAB)(STO:ITABB), a provider of complete interiors solutions for chain stores, supermarkets and specialty shops, announced on Thursday that it has renegotiated terms of its EUR200,000,000 credit facility with Nordea Bank Abp and its approximately EUR28,000,000 loan agreement with Svensk Exportkredit.
Under the Nordea facility, the parties have now agreed to realign the debt structure into a long-term facility of EUR100,000,000 and short-term facility of EUR75,000,000. The total credit facility will hereafter be EUR175,000,000. The available credit for ITAB under the facility from Svensk Exportkredit remains unchanged.
ITAB will be subject to interim financial covenants under both the Nordea and the Svensk Exportkredit facilities. According to ITAB, these interim financial covenants are adapted to support the company in the current market environment impacted by COVID-19. The...
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