FOERSLOEV, Sweden, July 11, 2003 (PRIMEZONE) -- Peab: the financing of the Brinova group was completed on 30 June 2003, with the result that Brinova has now been financed as a unit independent of Peab.
Financing consists partly of real estate loans to an approximate value of SEK 1 800 million and partly of a convertible mortgage loan for a nominal SEK 253 million issued by Peab AB.
The Brinova Logistics business area has been financed via Eurohypo AG. The agreement involves the SEK 650 million refinancing of existing loans on logistics properties. In addition, the agreement gives Brinova access to expansion loans for SEK 350 million for future logistics property business. The agreement runs for five years.
Property within the Brinova Homes and Brinova Commercial business areas is financed with loans amounting to approximately SEK 1,150 million, principally as long-term loans. Besides already utilised loans, the credit ceiling of SEK 50 million has been retained.
"It feels very nice to know that Brinova's financial basis is now secure. The establishment of financing that is completely independent of Peab is an important step in the listing process, which is otherwise going entirely according to plan," said Peab's MD, Mr Mats Paulsson, in a commentary.
Brinova now has the preparedness and the freedom of action required to implement the company's strategy of rapid growth through new acquisition adds Brinova's MD, Mr Mats Leifland.
For further information contact: Mr Mats Leifland, MD Brinova +46 733-37 10 06 Mr Gosta Sjostrom, information manager Peab +46 733-37 10 10
Previous press releases from Peab are available at www.peab.com
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