HELSINKI, Finland, Aug. 24, 2015 (GLOBE NEWSWIRE) -- Stora Enso has successfully issued two bonds under its EMTN (Euro Medium Term Note) programme. The EUR 125 million ten-year bond pays a floating coupon of Euribor + 2.25%. The second one, EUR 25 million twelve-year bond pays a floating coupon of Euribor + 2.35%. There are no financial covenants. The sole lead manager for the deal was SEK (Swedish Export Credit Corporation).
The maturity of the bonds will extend Stora Enso's weighted debt maturity profile, because Stora Enso has repurchased the remaining EUR 190 million in its bond issued in 2009 with a floating rate note with a coupon of Euribor +4.21% maturing in 2016. The total cost of the transactions is approximately negative EUR 5 million, which will be recorded under financial items in the third quarter 2015 results.
Stora Enso will use the proceeds of the new loans to finance its operations in Sweden, where the Group employs about 5 000 people and operates five paper and board mills, one pulp mill and two sawmills. Stora Enso has recently opened an innovation centre for biomaterials in the Stockholm area in order to host research, product application, business development, and strategic marketing.
"We have a good long-term relationship with Swedish Export Credit Corporation (SEK). We are delighted that SEK, through this agreement, will support the financing of our operations in Sweden. The terms of the loan are competitive, and through this transaction we enhance our maturity profile in an efficient way," says CEO Karl-Henrik Sundstrom.
For further information, please contact:
Seppo Parvi, CFO, tel. +358 2046 21205
Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 2046 21242
Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wood and paper on global markets. Our aim is to replace non-renewable materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 27 000 people in more than 35 countries, and our sales in 2014 were EUR 10.2 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) on the International OTCQX over-the-counter market. www.storaenso.com
STORA ENSO OYJ
Source:Stora Enso Oyj