Tuesday 19. November 2013
Stora Enso refinances its 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.