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

12/21/2018, 12:00 PM (Source: GlobeNewswire)

Press release, 21st December 2018 at 1:00 pm

SATO Corporation and Swedbank AB (publ), signed an agreement on a loan of €100 million without asset based securities in Helsinki on 21 December 2018. The funds will be used for refinancing of loans with asset security and for the Group's general financing needs.

- This new financing agreement between SATO and Swedbank supports our finance strategy in an excellent way and further deepens our co-ordination. The signed transaction is a consistent step towards our goal to increase the share of loans without asset based securities in our financing structure, SATO President and CEO Saku Sipola says.

At the end of the third quarter of the current year, interest-bearing debt without asset based securities accounted for approximately 64% 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: +0201 34 4226 or +358 50 598 8728
Janne Runsamo, Group Treasurer, phone +358 201 34 4009 or +358 45 671 3567

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 was roughly EUR 3.6 billion.

This announcement is distributed by West Corporation on behalf of West Corporation 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

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