An EGF loan of EUR 100 million to Outokumpu
Finnvera has granted Outokumpu plc a loan of EUR 100 million with European Investment Bank’s (EIB) EGF guarantee.
Finnvera joined EIB’s Pan-European Guarantee Fund (EGF) programme in April 2021. The programme enables Finnvera to grant a total of EUR 650 million of working capital and investment loans, mainly for the financing needs of large enterprises. This funding will have a 75% EIB guarantee.
The programme will continue until the end of June 2022.
The Guarantee Fund is intended for large and medium-sized enterprises which exceed the limits of the EU’s SME definition by having a staff headcount of 250 or more, an annual turnover of over EUR 50 million, and a balance sheet total in excess of EUR 43 million.
The loans under the guarantee programme will be provided directly by Finnvera. An individual loan amount may not exceed EUR 100 million, and the credit period is at maximum six years. The more detailed terms and conditions of the financing will be agreed upon individually for each project. In principle, the same terms and conditions will apply as to the company’s other financing.
Finnvera credit under EGF guarantee
Borrower: Outokumpu plc
Credit amount: EUR 100 million working capital limit
Credit period: 4 years
Agreement entered: December 2021
Date of publish: 11 January 2022