August 12, 2014 / 9:57 AM / in 3 years

RLPC-Sweden's SCA refinances 2 bln euros of loans

LONDON, Aug 12 (Reuters) - Swedish hygiene and paper products maker SCA has refinanced 2 billion euros ($2.67 billion) of existing loans, by agreeing a new 1 billion euro facility and amending an existing facility, the lead banks said in a statement on Tuesday.

In line with other highly-rated European corporates, A-/Baa1 rated SCA has taken advantage to competitive loan market conditions to refinance and amend its existing financing on improved terms, including lower pricing and longer maturities.

SCA’s new 1 billion euro revolving credit facility has a five-year maturity with two one-year extension options. The financing, which is for general corporate purposes, will replace an existing 1 billion euro facility originally arranged in December 2010 that was due to mature in 2016.

The loan is for AB SCA Finans, SCA Capital and Svenska Cellulosa Aktiebolaget SCA.

SCA confirmed the refinancing of the loans.

BNP Paribas, Danske Bank, Nordea and Svenska Handelsbanken were coordinating bookrunners on the financing, which closed oversubscribed to a total of 15 banks. SCA decided not to increase the facility amount and lenders’ commitments were scaled back.

SCA also amended and extended its 1 billion euro multicurrency revolving credit facility from December 2012, extending the maturity and reducing pricing.

The amended financing, which matures in January 2018, now has a one-year extension option.

Svenska Handelsbanken was documentation agent on the amendment. (1 US dollar = 0.7493 euro) (Editing by Shadia Nasralla)

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