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YIT reports on cancellation of EUR240m bridge financing agreement related to merger with Lemminkainen.

M2 EQUITYBITES-February 20, 2018-YIT reports on cancellation of EUR240m bridge financing agreement related to merger with Lemminkainen.

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Finnish construction company YIT Oyj (HELYIT) reported on Tuesday that it has cancelled its bridge financing agreement on 20 February 2018, which was in connection with the merger of YIT and Lemminkainen.

YIT said it had agreed on this bridge financing agreement which has been available since the execution of the merger on 1 February 2018.

According to YIT, it has now evaluated its liquidity position and financial structure and has reached the conclusion that this EUR240m financing facility is no longer needed.

Also, the company's remaining EUR300m committed revolving credit facility is currently indrawn.

YIT develops and builds apartments, business premises and entire areas. It is also specialised in demanding infrastructure construction and paving.

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Date:Feb 20, 2018
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