YIT has signed a committed EUR 300 million revolving credit facility linked to sustainability targets
YIT has signed a new committed EUR 300 million revolving credit facility. The facility will mature during the second quarter in 2024 with an option for one one-year extension. The revolving credit facility includes two financial covenants reviewed on a quarterly basis: gearing and interest coverage. The facility is unsecured. The margin of the revolving credit facility is impacted by, positively or negatively, the success in regard to two sustainability targets which are measured with the following indicators: lost time injury frequency rate, LTIF (including own personnel and partners), and emission intensity of the Group's own operations (CO2 emissions per EUR millions of revenue, tCO2e/revenue EUR million).
“By linking the revolving credit facility to the sustainability targets, we show that we are making progress in reaching our ESG goals. The new agreement is a continuation to the Green Finance Framework and green bonds which we launched in the first quarter. The arrangement will lengthen our maturity structure and further support our strong balance sheet position”, says Ilkka Salonen, CFO.
The coordinators were OP Corporate Bank and SEB. Danske Bank, Nordea, OP Corporate Bank, SEB, and Swedbank act as lead arrangers and arrangers, LähiTapiola as arranger, SEB as sustainability coordinator, and OP Corporate Bank as agent.
Simultaneously, YIT cancelled the current EUR 300 million committed revolving credit facility of which EUR 45 million would have matured during the third quarter in 2021 and EUR 255 million would have matured during the third quarter of 2022.
The committed revolving credit facility is currently unused.
For further information:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 40 576 0288, firstname.lastname@example.org
Karo Nukarinen, Senior Vice President, Treasury, YIT Corporation, tel. +358 50 564 0920, email@example.com
Vice President, Investor Relations
Distribution: Nasdaq Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and a significant North European urban developer and construction company. Our goal is to create more sustainable, functional and attractive cities and living environments. We develop and build apartments, business premises and entire areas. We also specialise in demanding infrastructure construction. We own properties together with our partners, which supports the implementation of our significant development projects. We also provide our customers with services that increase the value of properties. We employ approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com