The loan is structured as a revolving credit facility. It has a three year maturity and comes with a one year extension option.
Danske Bank coordinated the facility. The lender was joined by DnB and SEB.
The deal refinances Bravida’s existing Sk2.3bn facility that was due to mature next year.
Bravida has been on an acquisition frenzy, buying 70 companies in the last five years and adding sale of around Sk6bn to its books.
This year, the company bought 12 companies, adding annual sales of almost Sk700m to its books.
This trend shows little sign of slowing down.
“Bravida has an effective acquisition model that creates value for our shareholders,” said Mattias Johansson, chief executive at the company in its latest financial report. “We can continue growing through acquisitions.”
At the end of June this year, the company’s net debt was Sk2.612bn, up from Sk1.896bn from the same period in 2018 as IFRS 16 reporting came into force.
The company had a leverage ratio at the end of June this year of 1.8 times, which included Sk2.7bn of credit facilities, of which Sk1.568bn was undrawn.