Penningtons Manches Cooper’s banking and finance team has advised Bergs Timber AB (publ) and its subsidiaries on the English law aspects of its new credit facilities with Danske Bank A/S, Denmark, Sweden Branch and AB Svensk Exportkredit (SEK) as lenders. The new credit facilities included term and revolving credit facilities amounting to SEK 750,000,000 and refinanced the major part of the group’s existing debt facilities.
Partner John Chater led the team and was supported by Meghan O’Meadhra, Fern Tawera, Kieran Mitchell and property partner Alison Lewis. The team worked closely with the company’s Swedish lawyers, Vinge, on the transaction, which included English, Sweden, Latvia and Estonian elements.
Founded in 1919, Bergs Timber Group currently consists of six European subsidiaries. With an annual sawn wood production capacity of around 1 million m3, Bergs Timber Group operates 11 production facilities including sawmills, planer mills, wood treatment, joineries, and wood pellet production along with forest harvesting operations. The group also operate the Port of Creeksea, on the River Crouch in the UK.