Cramo Plc signs EUR 500 million loan agreement for Adapteo Plc

PRESS RELEASE                                     29 March 2019 at 2 p.m. EET

Cramo Plc signs EUR 500 million loan agreement for Adapteo Plc

On 18 February 2019, Cramo Plc announced the approval of a demerger plan concerning a partial demerger of Cramo Plc whereby all assets and liabilities belonging to the modular space business of Cramo Plc would be transferred without a liquidation procedure to Adapteo Plc, a company to be incorporated in the demerger, and that Cramo Plc had obtained certain financing commitments for Adapteo Plc to secure the financing of Adapteo Plc upon the completion of the demerger.

In relation to the abovementioned financing commitments, Cramo Plc announces that it has signed a new EUR 500,000,000 loan agreement for Adapteo Plc with OP Corporate Bank plc, Danske Bank A/S and Nordea Bank Abp acting as mandated lead arrangers. The loan consists of a EUR 400,000,000 term loan and a EUR 100,000,000 revolving credit facility. The repayment date of the facilities is in 2022 but, at the consent of the lenders, the maturity of the revolving credit facility can be extended by twelve months. The loan agreement contains two financial covenants: leverage ratio and interest coverage ratio. The loan agreement shall be transferred to Adapteo Plc upon the completion of the demerger, which is expected to take place on or about 1 July 2019.

Cramo Plc

Further information:
Mr Aku Rumpunen, CFO, tel: +358 40 556 3546, email:
Mr Pekka Huotari, Group Treasurer, tel: +358 40 846 2794, email:

Nasdaq Helsinki Ltd.
Main media

Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in 13 countries. With a group staff around 2,700, Cramo's consolidated sales in 2018 were EUR 780 million. Cramo shares (CRA1V) are listed on Nasdaq Helsinki Ltd.
Cramo Adapteo is the sub-brand for Cramo’s modular space operations. 

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