Metso gets €800 million of multi-currency revolvers ahead of spinoff

By Angela McDaniels

Tacoma, Wash., Sept. 30 – Metso Corp. entered into a €600 million five-year multi-currency revolving credit facility and a €200 million three-year multi-currency revolver, according to a company news release.

The revolvers are part of the company’s plan to combine its minerals business with Outotec to create Metso Outotec. As a result, the flow control business will become the continuing business of the currently listed Metso, which will be subsequently renamed Neles Corp.

The €600 million revolver refinances Metso’s existing €500 million revolver and will be transferred to Metso Outotec.

Nordea acted as coordinating bookrunner and mandated lead arranger. The other mandated lead arrangers were BBVA, BNP Paribas, Citi, Commerzbank AG, HSBC, OP Corporate Bank plc, Scotiabank (Ireland) DAC, SEB and Standard Chartered Bank.

The €200 million revolver is for future Neles.

Nordea acted as coordinating bookrunner and mandated lead arranger. The other mandated lead arrangers were BNP Paribas, OP Corporate Bank and SEB.

Each revolver has two one-year extension options and will be used for general corporate purposes.

Metso is a Helsinki, Finland-based supplier of process industry machinery.

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