Financing retains access to existing debt obligations
The consortium led by Wallenberg Investments includes existing investors IMAS and Temasek, as well as new investors Bolero and SEB-Stiftelsen. Several existing shareholders also participated in the financing round, including Altor, which will become the second largest shareholder of Stegra. Other participating investors include Hy24, Just Climate, AMF, AP2, Climate Infrastructure Fund, Kallskär, Kobe Steel, Lingotto Innovation, Scania, Schaeffler, Security Trading, Stena Metall Finans and Swedbank Robur. In addition, a group of creditors of the company's second collateral, led by AIP Management, invested directly in equity.
The financing package was unanimously approved by the Stegra group of creditors. According to the company, all participating banks continue to support the project, which allows Stegra to maintain access to unused credit lines created as part of its financing package until 2024. Håkan Bushe, head of special investments at Wallenberg Investments and a new member of the board of Stegra, said that the consortium will work closely with the company to complete and commission the Boden steel mill, calling the project an important contribution to Sweden's competitiveness and security of supply to the European Union.
Construction continues at the Boden project
According to Henrik Henriksson, CEO of Stegra, the financing round strengthens the financial position of the company by increasing the share of equity. He also welcomed the increased involvement of Sweden through the consortium led by Wallenberg Investments and highlighted the continued support from the Swedish National Debt Authority and the Swedish Export Credit Corporation (SEK), which remain committed to previously agreed financing mechanisms.
Stegra said construction work at its Boden steel mill continues to ramp up, while the overall project schedule remains under review.
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