Nordic Paper has entered into a long-term senior secured financing agreement with a syndicate of financial institutions. The financing includes a EUR 275 million term loan B with a seven-year tenor and a EUR 65 million revolving credit facility with a six-and-a-half-year tenor.
Proceeds from the term loan B will be used to refinance and discharge existing debt within the Nordic Paper group. The margin on the term loan B is Euribor +500 basis points, and Euribor +375 basis points for the revolving credit facility, with step-downs linked to leverage improvements.
In connection with the early repayment of existing financing, one-off non-cash costs of SEK 37 million will be recognized as financial items in the second quarter 2025 results, as previously capitalized costs are released.
Santander acted as financial advisor. Santander and J.P. Morgan served as Joint Physical Bookrunners, with Standard Chartered as Passive Joint Bookrunner. Legal advisors to Nordic Paper were Kirkland & Ellis and Advokatfirman Schjødt.