Gränges Issues Updated Prospectus For Planned Sustainable Medium Term Note Issuance

Gränges Issues Updated Prospectus For Planned Sustainable Medium Term Note Issuance

Swedish rolled aluminium firm Gränges AB released an updated prospectus for its medium-term note (MTN) and a combined Green and Sustainability-Linked Finance Framework this week.

The aim of the new prospectus and report is to provide potential investors with an independent third-party opinion of the design and ambition level of Gränges’ overall green investment scheme. The firm said the Swedish Financial Supervisory Authority (SFSA/Finansinspektionen) approved of the updated prospectus on Monday.

Oskar Hellström, Interim CEO and CFO at Gränges, said in a related press release that sustainable investment is an important element of its overall business plan.

“Gränges has a strong commitment to sustainability and it’s an integrated part of our business and strategy. We are proud to be at the forefront of our industry and the Green and Sustainability-Linked Finance Framework gives investors the opportunity to support the transition towards a green aluminium industry.”

The original prospectus was published three years ago and updated this year in order to prepare for a potential issuance of a new MTN. At present the firm’s MTN program totals SEK3 billion (US$344.5 million), and it plans to add to that total in the near future.

Begun in 1873 in Stockholm, Sweden as Trafik AB Grängesberg-Oxelösund, Gränges AB was resurrected in 2013 as a private company specializing in rolled aluminium heat exchangers. It employs almost 1,800 employees at the present time at two plants – one in Finspång, Sweden, that opened in its present configuration in 1972, and a second in Shanghai, China, opened in 1996. The firm boasts a total nameplate capacity of 420 thousand metric tons per annum and an annual sales total of SEK13 billion (US$1.35 billion).