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Nordea signs banks into Eu105m for Elcoteq

09 Mar 2001

Nordea has signed banks into a Eu105m five year multi-currency revolver for Finnish company Elcoteq Network Corporation.

Joining the facility as co-arranger is Sampo Bank. NordLB and Okobank join as senior lead managers, while LB Kiel joins as manager.

The margin on the facility is 70bp to 80bp, depending on compliance with certain financial covenants. Repayment is in three equal semi-annual instalments, starting on the fourth anniversary of the signing.

The borrower is a leading European provider of electronics manufacturing systems, supplying electronics end products and sub-assemblies for its customers in communications electronics, industrial electronics, information technology and consumer electronics. The company has manufacturing services plants in Finland, Estonia, Russia, Hungary, Poland, Germany, Mexico and China.

Elcoteq last tapped the market in 1999 for a Eu55m five year revolver, via MeritaNordBanken. The loan was targeted at a small group of Nordic banks.

09 Mar 2001