Stora Enso refinances its revolving credit facility
Helsinki, Finland, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Stora Enso has signed a
new EUR 700 million committed credit facility agreement with a syndicate of 14
banks to refinance its existing EUR 700 million facility. The new facility
matures in January 2017 and will be used as a backup for general corporate
purposes. Stora Enso has two one-year extension options, subject to banks'
acceptance. If both of the options are exercised, the maturity date of the
facility will be January 2019. The margin is based on a ratings grid, and at
the current ratings of BB/Ba2 the margin is 1.40% p.a. over Euribor. The loan
has no financial covenants.
Mandated Lead Arrangers and Bookrunners for the transaction are Credit
Agricole Corporate and Investment Bank, Pohjola Bank plc and SEB.
Mandated Lead Arrangers are Barclays, BNP Paribas Corporate & Investment
Banking, Citi, Deutsche Bank, DNB Bank ASA, Goldman Sachs Bank USA, HSBC Bank
plc, JP Morgan, Nordea, Royal Bank of Scotland and Standard Chartered.
"We are pleased with the continued support and commitment of our relationship
banks. The rationale for the refinancing was to extend the maturity of the
facility and benefit from market conditions to improve the terms of the
facility," says Stora Enso Acting CFO Jyrki Tammivuori.
For further information, please contact:
Jyrki Tammivuori, Acting CFO, tel. +358 2046 21043
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242
Stora Enso is the global rethinker of the paper, biomaterials, wood products
and packaging industry. We always rethink the old and expand to the new to
offer our customers innovative solutions based on renewable materials. Stora
Enso employs some 28 000 people worldwide, and our sales in 2012 amounted to
EUR 10.8 billion. Stora Enso shares are listed on NASDAQ OMX Helsinki (STEAV,
STERV) and Stockholm (STE A, STE R). In addition, the shares are traded in the
USA as ADRs (SEOAY) in the International OTCQX over-the-counter market.
STORA ENSO OYJ
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