Refinancing process of Arctic Paper S.A. finalized

PRESS RELEASE, Poznan, 9 September 2016
Refinancing process of Arctic Paper S.A. finalized
The Arctic Paper Group has successfully completed the process of changing its financing structure for the paper business.
The company has signed a term and revolving credit facilities agreement for PLN 31.3m and EUR 52.4m with a consortium of banks including Bank BGŻ BNP Paribas, Bank Zachodni WBK (part of Santander Group), and the European Bank for Reconstruction and Development (EBRD.
Meanwhile, the company has signed an agreement with Haitong Bank S.A. connected with a planned programme for issuance of bonds for up to PLN 150m.
The new financing structure, combining bank credit and a bond issue, is designed to increase the financial stability of the Group while ensuring a greater degree of flexibility in financing sources.
Centralized financing will enable more efficient cash management and flexible adjustment of the level of financing of individual companies. The Group will achieve significantly increased competitiveness and will be able to improve its energy and resource efficiency. Additionally, Arctic Paper will be able to continue to invest even more in new products at all its mills. As part of the refinancing plan, the Group’s mill in Kostrzyn will be upgraded under the EBRD’s Green Economy Transition approach to improve energy and waste efficiency. A future capacity increase at Arctic Paper Kostrzyn is also considered.
Małgorzata Majewska, CFO of Arctic Paper S.A., commented: “After a thorough evaluation we have now found a solid foundation of financing. This will improve our market position and give us the possibility to respond swiftly to market changes. This refinancing, combined with the effects achieved under the Profit Improvement Program 2015/2016, will help us to exploit our competitive advantages even more.”
Further information for the media provided by:
Per Skoglund
Acting CEO, Arctic Paper S.A.
Tel. (+46) 31 63 1703

Małgorzata Majewska-Śliwa
CFO, Arctic Paper S.A.
tel. +48 61 62 62005, 601 55 48 06

vendredi, 16 sept., 2016