SATO Corporation, Press release 2nd May 2019 at 3:10 pm
SATO Corporation and OP Corporate Bank plc have agreed upon a bilateral loan of €150 million without asset based securities. The agreement of the seven-year loan was signed in Helsinki on 2 May 2019, and the cash proceeds will be used for refinancing of maturing loans as well as for the Group’s general financing purposes.
The new financing agreement supports SATO’s target to further increase the share of loans without asset based securities in the financing structure. At the end of 2018, interest-bearing debt without asset based securities accounted for approximately 66% of SATO's debt portfolio, and the share of unencumbered assets out of the whole balance sheet was around 74%.
For more information, please contact:
SATO Corporation
Markku Honkasalo, CFO, phone +358 201 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 2018 SATO owned around 25,900 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 2018 were EUR 290 million, operating profit EUR 273 million and profit before taxes EUR 231 million. The value of SATO's investment assets was roughly EUR 3.9 billion.