Dometic renews its bank credit facilities agreement and signs credit facility with Svensk Exportkredit
Dometic has refinanced part of its credit facilities agreement with its bank group. The previous agreement covers a first part expiring in 2024 and a second part expiring in 2025. The renewed financing covers:
- A floating rate term loan of USD 210 m previously expiring in 2024 has been replaced with a USD 220 m floating rate term loan with a 3+1+1 year maturity (3 years with two 1-year extension options).
- The revolving credit facility of EUR 200 m previously expiring in 2024 has been replaced with a 3+1+1 year maturity (3 years with two 1-year extension options).
In addition, Dometic has signed a 3.5 year floating rate term loan of USD 44 m with Svensk Exportkredit. This is the first loan with Svensk Exportkredit, a further broadening of Dometic’s funding sources.
Dometic has decided to refinance the term loan expiring in 2025 at a later stage in order to spread out the refinancing and broaden the exposure.
“We have proactively renewed our financing agreement with our bank group. We are pleased with the cooperation with our banks and have established a solid and flexible financing solution for our business. The renewed agreement includes covenant levels giving Dometic a continued adequate headroom. We are also happy to have initiated a new long-term relationship with Svensk Exportkredit. As communicated in our report for the fourth quarter 2022, we remain focused on managing our cash flow and are committed to achieving our net debt to EBITDA leverage ratio target of around 2.5x.” says Stefan Fristedt, CFO of Dometic.
This information is information that Dometic Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:40 CEST on March 31, 2023
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