April 30, 2015 - Assignment

Bank syndicate provides SEK 5 billion financing to ICA Gruppen

A bank syndicate comprising Crédit Agricole, Danske Bank, DNB, Nordea, SEB, Handelsbanken and Swedbank entered into a Swedish law governed SEK 5 billion revolving credit facility agreement with ICA Gruppen on 30 April 2015. The facility is initially for a five year period, with the possibility to extend for a further two years, and will be used to replace existing standby working capital facilities.

ICA Gruppen is a leading retail company with a focus on food and health. The Group includes; ICA Sweden and Rimi Baltic, which are mainly active in grocery retail; ICA Real Estate, which owns and manages properties; ICA Bank, which offers financial services; and Apotek Hjärtat, which conducts pharmacy operations. ICA Gruppen’s shares are listed on Nasdaq Stockholm.

Swedbank, acting in its capacity as co-ordinator of the bank syndicate, was advised by Mannheimer Swartling in the matter. André Andersson led the firm’s team consisting of David Tayler and Gustav Glimblad.