SEB has supported medical technology company Getinge in issuing Covid-19 commercial paper to finance a production increase of advanced ventilators. .
Getinge is a leading global provider of products and systems that contribute to quality enhancement and cost efficiency within healthcare and life sciences. The company has since the outbreak of the Covid-19 pandemic seen an increased global demand for advanced ventilators, extra corporeal life support (ECLS) equipment and advanced monitoring for Intensive Care Units.
To meet the demand, Getinge will temporary increase its production of advanced ICU-ventilators by 160% in 2020, to 26,000 ventilators in total. The ventilators are produced at the production site in Solna, Sweden, where capacity now will be strengthened.
To finance the production increase Getinge borrows 1 billion SEK by issuing a commercial paper. The paper has been issued in line with Getinge’s Covid-19 Financing Framework, where the proceeds will be exclusively allocated to finance the production increase of ventilators and other equipment to meet increased demand as a result of COVID-19. The commercial paper has a maturity date of six months.
SEB was the arranging bank for the transaction and acted as structural advisors in drawing up the COVID-19 Financing Framework.
“We are proud to be able to support Getinge in scaling up production to meet the challenges of Covid-19 and to enable our investors to contribute, says Joachim Alpen, co-head of SEB’s Large corporates & Financial institutions division.