Metso puts aside $313m fund for Covid-19 impact

Finnish aggregate equipment supplier Metso has obtained $313.5m (€290m) in “new funding” so that it can be “well prepared for the impacts of Covid-19 on its businesses.” 

Metso said this week that: “The new funding consists of a EUR 100 million, two-year term loan from Nordea Bank, which is expected to be drawn soon.

“In addition, Metso signed four bilateral revolving credit facilities totaling EUR 190 million for one and two years with four banks.

“The four banks are Commerzbank AG, OP Corporate Bank Plc, Skandinaviska Enskilda Banken, and Standard Chartered Bank.

“All the revolving credit facilities are currently undrawn. All the facilities will be transferred to Metso Outotec at the completion of the combination of the Metso Minerals Business with Outotec, which is expected to take place on June 30, 2020, subject to the receipt of all required regulatory and other approvals.

“After these arrangements, Metso’s available funding totals EUR 790 million and is largely based on its undrawn EUR 600 million Revolving Credit Facility.”

Metso is one of the aggregate industry’s leading suppliers. It describes itself as “a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries.

“We help our customers improve their operational efficiency, reduce risks and increase profitability.”

Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.6 billion in 2019. The company employs more than 15,000 people in at least 50 countries world-wide.

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