Eniro Surges After $455 Million Financing Deal: Stockholm Mover
The shares surged as much as 6.3 percent, their steepest intraday gain since Jan. 24, and traded up 5.5 percent at 13.08 kronor as of 1:38 p.m. local time, giving Eniro a market value of 1.81 billion kronor ($274 million). Trading volume was 17 percent higher than the daily average in the past three months.
Eniro has signed a commitment letter with its banks more than a year before its current loan agreement expires, the Stockholm-based company said in a statement today. It signed a deal for a 3 billion-krona loan that runs for three years, with an option to extend the loan by one year to four years on the condition that 800 million kronor of the loan is replaced by a corporate bond.
The deal entails “a more flexible annual repayment rate, increased operational flexibility and a continued possibility of future dividends,” Eniro said.
It’s the first time that Eniro includes a corporate bond in its financing, Chief Financial Officer Mattias Lundqvist said in a telephone interview today. “This is good timing.”
Eniro’s consortium of six banks include Denmark’s Danske Bank A/S (DANSKE), Norway’s DNB ASA (DNB) and Sweden’s Svenska Handelsbanken AB (SHBA), Nordea Bank AB (NDA), SEB AB and Swedbank AB (SWEDA), Eniro said.
To contact the reporter on this story: Katarina Gustafsson in Stockholm at firstname.lastname@example.org
To contact the editor responsible for this story: Celeste Perri at email@example.com