March 4, 2020
Duroc has entered into a financing agreement with Danske Bank. The agreement includes a long-term banking facility totalling approximately SEK 400 million, of which approximately SEK 130 million relates to a bank loan with a five-year repayment plan and the remainder is an overdraft linked to a group-wide cash pool.
As a result of the new loan agreement, Duroc AB repays a short-term loan of SEK 180 million, which was entered into to finance the acquisition of the Cotting Group in July 2019. At the same time, most of the Group’s loans are centrally financed and cash management is streamlined. The duration of the agreement is 3 years with the possibility of a 2 year extension. In addition to the aforementioned facility of SEK 400 million, Duroc retains existing property loans totalling approximately SEK 75 million.
With reference to the latest quarterly report, Duroc has a strong financial position and equity of just over SEK 1 billion. The group owns a number of operating properties whose market value is estimated to exceed the current net debt. The new collaboration with Danske Bank means that Duroc has further strengthened its financial position. The stable financial base is in line with Duroc’s strategy and creates good opportunities to pursue further growth opportunities, both organically and through acquisitions.
For further information
John Häger, CEO, Duroc, +46 70 248 72 99
The Duroc Group manages and develops industrial and trading companies. With deep knowledge of technology and market, the Group’s companies strive to achieve a leading position in their respective industries. As owner Duroc contributes actively to the development. Consolidated sales amount to approximately MSEK 3,700. The Group has approximately 1,200 employees. Duroc is listed on NASDAQ OMX Stockholm (symbol: DURC). www.duroc.se
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