OM Treasury Acquires Näringslivskredit NLK

OM Treasury, together with Catella Holding and others, has acquired Näringslivskredit NLK AB (NLK) from the Fourth AP-fund, Volvo and Wasa. The acquisition also includes all NLK's outstanding debt from a loan consortium consisting of banks and insurance companies. NLK was founded in 1987 with the objective of financing smaller and medium-sized companies with security mainly to be raised on the companies' own commercial premises. The company showed substantial loss from the autumn of 1992 in the wake of the property market crisis and ever since it has been in the process of winding up. Accumulated losses total some SEK 1, 100 m. The consideration for all the shares and liabilities in NLK totals approximately SEK 540 m. OM Treasury's equity share amounts to around 90 percent with over 45 percent of the votes. The company contains assets, mainly a large number of reconstituted receivables, with a book value of around SEK 600 m. Collateral is largely made up of properties in Southern and Western Sweden. Both OM Treasury and Catella Holding have positive experiences of working with companies that are in the process of winding up. The acquisition is expected to have a positive effect on OM's earnings per share with effect from the year 2000. Lenner Corporate Finance has advised OM Gruppen in this matter.