SATO gets seven-year loan of €100 million without asset based securities from Nordea

SATO Corporation, Press Release, 12th Sep 2018 at 2:15 pm

SATO Corporation and Nordea Bank AB (publ), Finnish Branch, signed an agreement on a loan of €100 million without asset based securities in Helsinki on 12 September 2018. The funds will be used for refinancing of loans with asset security and for the Group's general financing needs.

- This financing agreement between SATO and Nordea is a consistent step towards our goal. The financing agreement now signed substantially contributes to the further expansion of our financing base towards increased use of financing agreements without asset based securities, in which we have made good progress. The agreement follows on from loans previously agreed with, for example, OP, Aktia, Swedbank and the European Investment Bank (EIB), SATO President and CEO Saku Sipola says.

At the end of the first half of the current year, interest-bearing debt without asset based securities accounted for around 63% of SATO's debt portfolio, and the unencumbered assets ratio on the balance sheet was around 73%.

For more information please contact:

SATO Corporation

Markku Honkasalo, CFO, phone: [phone] or [phone]

Janne Runsamo, Group Treasurer, phone [phone] or [phone]

www.sato.fi/en

 

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 2017 SATO owned around 25,800 apartments in Finland's largest growth centres and in St. Petersburg.

We promote sustainable development and initiative through our operations and work in open interaction with our stakeholders to generate added value. We operate profitably and with a long-term view. We increase the value of our housing stock through investments, divestments and repairs.

The SATO Group's net sales in 2017 were EUR 280 million, operating profit EUR 231 million and profit before taxes EUR 185 million. The value of SATO's investment assets is roughly EUR 3.8 billion.

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SATO Oyj via Globenewswire