Perstorp gets liquidity ‘to capture growth opportunities once conditions improve’ through novel financing scheme
The group outlined how it has grown steadily over the last few years and has ambitious plans for the future.
“This RCF will support the company in its development, will protect Perstorp from the current market environment and will provide liquidity to capture growth opportunities once conditions improve.”
The RCF is provided by Nordea, Goldman Sachs, SEB and DNB. The financing solution is unique and the first of its kind, according to a statement from the Perstorp Group. It involves a scheme for credit guarantees issued by the Swedish Export Credit Agency (EKN), which will cover 75% of the granted RCF.
Commenting on the financing scheme, Jan Secher, CEO of the Perstorp Group, said:
“This has been a true team effort and I would like to thank everyone involved; EKN, the banks, our owners and several other stakeholders
“It is reassuring that with this Revolving Credit Facility in place, Perstorp has, relative to its size, one of the best liquidity positions among European chemical companies. We have ambitious growth plans for when the market recovers from the Covid-19 situation and look to the future with confidence.”
Perstorp’s Q3 2020 interim report, published in October last year, show volumes in its animal nutrition business division were pretty much on par with Q3 2019, but a less favorable product mix and lower unit margins for some of the product lines had a negative impact on EBITDA, which amounted to SEK 25m. The division specializes in gut health and preservation solutions.
That same month Perstorp announced it had signed an agreement with Sergal as the official distributor for its feed additives in Spain.
