Coor signs agreement for sustainability-linked refinancing
Coor signs an agreement for a sustainability-linked refinancing of its existing revolving credit facility and secures in advance commitment for its non-callable bond maturing in March 2024.
Coor Service Management Holding AB (publ) (“Coor”) has entered a new, sustainability-linked, unsecured syndicated term loan and revolving facilities agreement of SEK 2,750 million.
The purpose of the facilities agreement is to refinance the existing revolving credit facility of SEK 1,500 million and to secure a commitment to refinance its non-callable bond of SEK 1,000 million. The bond expires in March 2024 and SEK 1,000 million of the new agreement is available at maturity.
This sustainability-linked refinancing reflects Coor's commitments in terms of environmental and social responsibility, as the margin is linked to the achievement of sustainability targets relating to CO2e emissions (Scope 1 & 2 and Scope 3), supporting our aim to become Net Zero, and our Zero vision for injuries at work.
Commenting on this announcement, Andreas Engdahl, Group CFO and IR Director, said:
“This refinancing address upcoming maturities ahead of time, providing continued flexibility in our financing. The transaction also confirms the confidence of our group of banks in Coor and I would like to thank them for their ongoing support. Through this sustainability-linked transaction, we confirm Coor’s strong social and environmental commitments which are at the center of our strategy”.
Maria Ekman, VP of Group Sustainability, says: “Coor’s ambition is to continue to build a truly sustainable company. Incorporating sustainability KPIs into this new facility is an important step in our continuous work to integrate our targets for climate action and HSE throughout our operations and reflects the type of company we want to be.”
The new facility, which has an initial January 2026 maturity, includes two one-year extension options. Such extension options can be exercised by Coor and are subject to the banks’ approval.
The credit facility has been committed by 4 financial institutions; existing lenders DNB and SEB together with Svensk Exportkredit (SEK) and Danske Bank. For this transaction, DNB acted as Sustainability Coordinator and Facility Agent. Cederquist acted as legal advisor to Coor in connection with the transaction.
Please find more information, images etc. at www.coor.com or contact:
Andreas Engdahl, CFO and IR Director, Coor
+46 10 559 54 63
Maria Ekman, VP Group Sustainability, Coor
+ 46 70 585 40 08
Magdalena Öhrn, Communications Director, Coor
+46 10 559 55 19
As the leading provider of facility management services, Coor aims to create the happiest, healthiest and most prosperous workplace environments in the Nordic region. Coor offers specialist expertise in workplace services, property services and strategic advisory services. Coor creates value by executing, developing and streamlining our customers’ service activities. This enables our customers to do what they do best.
Coor’s customer base includes many large and small companies and public-sector organisations across the Nordic region, including ABB, Aibel, the Danish Building and Property Agency, DNV-GL, DSB, Ericsson, Equinor, ICA, Karolinska University Hospital in Solna, PKA - “Danish Police, Public Prosecution Authority and Prison and Probation Service”, PostNord, Saab, Sandvik, SAS, Skanska, Telia Company, Vasakronan and Volvo Cars.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015. Coor takes responsibility for the operations it conducts, in relation to its customers, employees and shareholders, as well as for its wider impact on society and the environment. Read more at www.coor.com