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Outokumpu extends €650M revolving facility to May 2021

Outokumpu Oyj amended its €650 million syndicated revolving credit facility and extended the maturity to May 2021, it said Dec. 22.

The facility, which will be used for general corporate purposes, can be extended by an additional year, subject to lender approval.

As part of the extension, the company canceled a bilateral credit facility of €30 million, which was set to mature in February 2019.

Meanwhile, Outokumpu agreed with key lenders to release Outokumpu Stainless Ltd., Outokumpu Stainless Holdings Ltd., Outokumpu Holding Italia SpA, Outokumpu Treasury Belgium NV and Orijärvi Oy from obligations to guarantee the company's debt.

Additionally, pledges on real estate in Sweden and Germany, as well as a number of share pledges will be released.

The restated facility is expected to be effective in January 2018.