Stora Enso refinances its revolving credit facility

Stora Enso has signed a new EUR 700 million committed credit facility agreement with a syndicate of 16 banks, refinancing the existing EUR 1 400 million facility. The new facility matures in January 2014, and will be used as a backup for general corporate purposes. The loan has no financial covenants. The margin is based on a ratings grid, and at the current rating of BB/Ba2 the margin is 1.75% p.a. over Euribor.

Bookrunners and Mandated Lead Arrangers for the transaction are BNP Paribas, Citi, Goldman Sachs International, Nordea and The Royal Bank of Scotland PLC.

Mandated Lead Arrangers are Banc of America Securities Limited, Barclays Capital, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG London Branch, DnB NOR Bank ASA, Handelsbanken, HSBC Bank plc, JP Morgan plc, Pohjola Bank plc, SEB and UBS Investment Bank.

"We are pleased with the continued support and commitment of our relationship banks. The rationale for refinancing was to take advantage of prevailing market conditions and prolong the maturity," says Jyrki Tammivuori, SVP, Group Treasurer.