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).