Finland-based Glaston Corp. has signed a new long-term financing agreement, which consists of an $11.4 million (EUR 10 million) long-term loan and a $25.1 million (EUR 22 million) revolving credit facility, which can be used for short-term financing and guarantees, according to the company.

“The agreement fully replaces the earlier financing agreements and secures the company’s financing for the coming three year period,” a release from the company reads. “The agreement reduces Glaston’s funding and administrative costs and has therefore a positive effect on earnings per share. In addition, the agreement removes all restrictions for normal distribution of funds.”

Nordea Bank Plc and Pohjola Bank plc are the arrangers of the loan.