Cinis Fertilizer publishes preliminary figures for the third quarter of 2024
Published by Emily Thomas,
Deputy Editor
World Fertilizer,
Cinis Fertilizer is investigating the possibility of issuing senior secured callable green bonds in an expected amount of SEK 550 million. In connection with the contemplated issuance of bonds, Cinis has published certain preliminary figures for the third quarter of 2024 and selected financials as of 31 October 2024 and has established a Green Finance Framework.
Cinis Fertilizer AB has announced that it has mandated ABG Sundal Collier AB, Nordea Bank Abp and Pareto Securities AB as joint bookrunners to investigate the possibility of issuing new senior secured callable green bonds in an expected amount of SEK 550 million. Subject to, inter alia, market conditions, a bond issue may follow.
The company also provides certain preliminary figures relating to the third quarter of 2024 and selected financials as of 31 October 2024.
For the third quarter of 2024, the company expects:
- Net sales of SEK 15 million.
- EBITDA of SEK -23 million.
As of 31 October 2024:
- Total interest-bearing debt (excluding leases) amounted to approximately SEK 484 million.
- Cash and cash equivalents (excluding unutilised credit facilities) amounted to approximately SEK 43 million.
The information contained in these statements is based on a preliminary assessment of the company’s financial results and may be subject to change. The financial report for the third quarter of 2024 is scheduled for publication on 28 November 2024 at 08:00 (CET).
Furthermore, the company has announced that it has established its first Green Finance Framework which enables the company to issue, among other things, green bonds. The purpose of the Green Framework is to finance and/or refinance the construction of Cinis’ SOP production plants. S&P Global Ratings has conducted an independent review of the Green Framework, which has rated the Green Framework with a Dark Green shading.
The Green Framework has been developed in accordance with the Green Bond Principles from 2021 established by ICMA (International Capital Market Association) and the Green Loan Principles (GLP) from 2023, established by LMA (Loan Market Association).
The proceeds from the potential bond issue will be used to refinance existing debt and finance general corporate purposes of the company and its subsidiaries from time to time, including investments in accordance with the Green Finance Framework.
Read the article online at: https://www.worldfertilizer.com/project-news/08112024/cinis-fertilizer-publishes-preliminary-figures-for-the-third-quarter-of-2024/
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