Outokumpu’s Eu600m refi tests commitment
Bankers have criticised a newly launched refinancing loan for Outokumpu, the Finnish stainless steel group, stating that the deal will struggle given its tight pricing and the weak credit quality of the borrower.
Outokumpu, an unrated company viewed as non-investment grade by most bankers, will hold a bank meeting for its Eu600m facility in Helsinki on Tuesday.
The three year deal, which is being led by Nordea, will replace a Eu1bn undrawn five year revolver signed in June 2005.
While the margin is
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