Date: 25 March 2022
Glaston Corporation has today signed a new long-term financing agreement to be used for refinancing its current financing arrangement as well as for general working capital and guarantee purposes. The financing agreement consists of EUR 30 million long-term loans as well as a EUR 25 million revolving credit facility. The agreement is for three years and includes two one-year options for extension of the loan period. Additionally, Glaston has agreed on bilateral guarantee limits with its financing banks.
Sustainability is at the heart of Glaston's strategy and the inclusion of sustainability targets in the financing agreement is part of Glaston's corporate responsibility work. The loan margin of the new financing agreement is adjusted by the achievement of Glaston's sustainability objectives annually. These objectives are:
- Safety at work: decrease of lost time accidents, measured as lost time injury frequency rate (LTIFR),
- CO2 emissions (Scope 1 & 2) in relation to net sales
"Glaston's technology is used to produce glass solutions that can reduce energy consumption in buildings and that make glass safe. Therefore, we are enabling our customers and the end-users of glass products to achieve their sustainability goals. For the first time, Glaston's strategy, launched in 2021, also includes non-financial targets that direct our own operations in an even more sustainable direction. Two of these, improving workplace safety and reducing carbon emissions in our own operations, will now also impact our financial costs. This underlines their importance and further boosts our development", says Glaston’s CFO Päivi Lindqvist.
Nordea Bank AB (PUBL) and OP Corporate Bank plc. continue as arrangers of the funding.