LONDON: SATO Corporation strengthened its liquidity position by signing a total of EUR 350 million committed revolving credit facilities with Nordea Bank Oyj, Danske Bank A/S, Finland Branch, OP Corporate Bank plc, Swedbank AB (publ), Svenska Handelsbanken AB (publ), Branch Operation in Finland.
The new credit facilities without asset-based securities have a maturity of three years with two one-year extension options and the margin is linked to achieving SATO’s main sustainability targets. The facilities are used for refinancing SATO’s existing credit facilities maturing in June 2021 and June 2023.
SATO is one of Finland’s leading rental housing providers. SATO aims to offer a comprehensive choice of rental housing and an excellent customer experience. At year-end 2019, SATO owned over 26 000 apartments in Finland’s largest growth centres and in St Petersburg.
SATO Group’s net sales in 2019 were EUR 296 million, operating profit EUR 726 million and profit before taxes EUR 671 million. The value of SATO’s investment assets is roughly EUR 4.7 billion.