Metso has obtained new funding totalling €290mn to be prepared for the impacts of COVID-19 on its businesses.
The Finnish quarrying equipment provider says the new funding consists of a €100mn, two-year term loan from Nordea Bank, which is expected to be drawn soon.
In addition, Metso has signed four bilateral revolving credit facilities totalling €190mn for one and two years with four banks (Commerzbank, OP Corporate Bank, Skandinaviska Enskilda Banken and Standard Chartered Bank). All the revolving credit facilities are currently undrawn, and all the facilities will be transferred to Metso Outotec at the completion of the combination of the Metso minerals business with Outotec. This is expected to take place on 30 June, subject to the receipt of all required regulatory and other approvals.
After these arrangements, Metso says its available funding totals €790mn and is largely based on its undrawn €600mn revolving credit facility.
