The company’s two largest shareholders Industrivärden and Solidium has committed to subscribe for their pro rata shares of the rights issue. The remaining amount has a group of banks agreed to underwrite. These banks are Credit Agricole, Handelsbanken Capital Markets, Nordea and Swedbank.
Furthermore, Swedbank Robur and LKAB, together representing 4.4 percent of the capital and 5.5 percent of the vote, expressed their support for the rights issue and intends to vote in favor of the rights issue at the extraordinary General Meeting.
the company’s liquidity requirements and long-term financing will continue to be ensured in the coming years by extending the maturities of the company’s loans, credit facilities and existing bank guarantees, corresponding to a total 9 , 6 billion.
“the rights issue in combination with the sale of non-core operations and cash flows generated from operations will enable SSAB to reduce net debt by approximately 10 billion. Through this, the net gearing ratio to decline to about 30 per cent to the end of 2017, which is in line with the company’s long-term financial goals, “writes SSAB.
Lower loss than expected
SSAB’s operating profit amounted to – 193 million for the first quarter in 2016.
according to the interim report.
expected, according to SME Direkt compilation -346 million
the result includes non-recurring items -3 million. Expected -8.2 million.
The adjusted operating result was -190 million, compared with the average expectations of -337 million.
The result before tax landed at -347 million for the first quarter. Analysts had on average expected a profit before tax of -569 million.
Sales amounted to 12.964 billion kronor for the period. Here lay SME Direkt consensus forecast of 12.823 billion crowns.
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