The subsidiaries of Aktsiaselts Infortar have signed a significant syndicated term loan facility agreement
Aktsiaselts Infortar subsidiary AS Elenger Grupp’s Latvian gas distribution company Gaso and Estonian gas distribution company Gaasivõrk have entered into a new EUR 170 million syndicated term loan facility agreement.
The new syndicated term loan facility will enable Gaso and Gaasivõrk to refinance their existing long-term debt obligations and invest further into gas distribution networks. The syndicated financing is provided by SEB, Swedbank, and OP Corporate Bank.
“Thanks to this financing, Gaso and Gaasivõrk will enhance their investment capacity, improve service quality, and strengthen security of supply for more than 400,000 customers. Natural gas plays a crucial role as a transition fuel and a supporter of renewable energy. Already today, a significant amount of domestically produced renewable gas circulates in our networks, and its share is increasing over time. Therefore, the gas infrastructure is directly linked to moving towards climate goals,” said Margus Kaasik, Chairman of the Management Board of Elenger Grupp.
SEB Management Board member and Head of Corporate Banking, Peep Jalakas, said that Infortar’s professional team has proven itself in successfully carrying out large international projects. “We are pleased to finance projects that are essential for ensuring energy security. The development of controllable capacities and the local production of biomethane are of critical importance for this, and the cooperation between different banks demonstrates the will to promote the welfare of society,” added Jalakas.
“We are ready to invest boldly in forward-looking projects. We are pleased to continue financing progressive companies such as Infortar and its subsidiaries, and we are glad to do so in cooperation with other banks when it comes to large-scale investments,” added Eero Treumann, Member of the Management Board and Head of Corporate Customer Division at Swedbank.
“We are very pleased to be part of Elenger Grupp’s growth story. At OP, we value the ambition and professionalism of the entire Infortar team. For us, this is an excellent example of long-term cooperation, where we can support the company’s growth and contribute to the development of the energy industry in the Baltics,” commented OP Country Manager Hannes Kaadu.
The transaction does not affect Aktsiaselts Infortar’s debt servicing capacity and does not have a material impact on the company’s economic activities.
Infortar operates in seven countries, the company's main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% share in Tallink Grupp, a 100% share in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,866 people.
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