NIB finances dairy expansion in Oslo

Thu May 3, 2012 2:02am EDT

* Reuters is not responsible for the content in this press release.

NIB has signed a loan agreement totalling NOK 600 million (EUR 79.3 million) with Norwegian dairy company TINE for financing its dairy expansion in the capital city.

The 12-year-maturity loan is earmarked for the expansion of the Kalbakken dairy, which will replace three other dairy facilities and a terminal.

In addition to improved cost efficiency, a decrease of over 50% in the use of primary electricity and fuel oil is expected when moving production from older facilities to the expanded facility, which will also help reduce CO2 emissions.

"Knowledge about the impact of different products on the environment is increasingly important to today's consumers. NIB is pleased to participate in financing TINE's Oslo dairy expansion, which can offer consumers dairy products made at an environmentally friendly facility," says Henrik Normann, NIB's President and CEO.

TINE is organised as a cooperative owned by about 15,000 dairy farmers. The core business is the processing and sale of milk, cheese and other dairy and milk products, as well as juice, ice cream and ready-made food. TINE is Norway's largest producer, distributor and exporter of dairy products.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information, please contact:

Sari Cabell, Senior Manager, Origination, +358 10 618 0519,
Nina Monsen, Senior Communications Specialist, +358 10 618 0291,

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.