Veidekke will continue its relationship with DNB as core bank. The new agreement has a five year tenor, with two one-year extension options at the discretion of the lender. The agreement has a credit limit of NOK 2.0 billion with annual renewal and replaces a similar agreement from 2020, which had a NOK 1.75 billion credit limit.
Veidekke has entered into a new agreement with Nordea for a NOK 1.0 billion revolving credit facility (RCF). The RCF is available for general corporate purposes, with a maturity of three (3) years. The RCF has two one-year extension options at the discretion of the lender. The previous credit facility had a NOK 0.75 billion limit. The RCF will be made sustainability-linked in connection with the publication of the sustainability-linked framework.
The sustainability-linked framework includes provisions related to Veidekke’s achievement of two goals related to reduction of greenhouse gas emissions and reduction in injury frequency among Veidekke’s employees. Nordea has been mandated as the Framework Structurer, and the independent external verification (Second Party Opinion) will be performed by Moody’s. The framework is scheduled for completion in Q2 2025.
As of 30 September 2024, the group had a positive net interest-bearing position of NOK 2.1 billion. Veidekke currently has an outstanding bond loan (ticker: VEI10) of approx. NOK 0.2 billion due in Q1 2025. As a result of the refinancing, this will not be replaced with new bond financing upon redemption.
This information is subject to a disclosure duty pursuant to section 5-12 of the Securities Trading Act.
For more information, contact:
Jørgen Wiese Porsmyr, CFO, phone +47 90 75 90 58
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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 43 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.