(11/20/2013 / sha)

Stora Enso: Refinancing revolving credit facility

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.

“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.