Stora Enso signs a € 700 million revolving credit facility
Stora Enso signs a new € 700 million revolving credit facility (RCF) agreement with a syndicate of 12 banks to refinance its existing € 600 million facility. The five-year facility has two one-year extension options and will be used as a backup for general business purposes.
The RCF pricing mechanism is linked to Stora Enso’s scientific climate objectives. Stora Enso commits to reducing absolute scopes 1 and 2 the greenhouse gas (GHG) emissions of its own operations, as well as the scope 3 GHG emissions of its value chain, by 50% by 2030 compared to the 2019 reference year. The objectives relating to clean operations are aligned with the scenario which limits global warming to 1.5 degrees. The science targets have been approved by the Science Based Targets initiative.
Crédit Agricole Corporate and Investment Bank, Nordea and OP Corporate Bank acted as coordinators, bookkeepers and mandated lead managers of the facility. Nordea acted as sustainability coordinator for RCF. Bank of America, BNP Paribas, Danske Bank, Deutsche Bank, DBS Bank Ltd, London Branch, DNB Bank ASA, JP Morgan Securities plc, National Westminster Bank PLC and SEB joined the syndication as Mandated Principal Arrangers.
Stora Enso is one of the world’s leading providers of renewable solutions in the fields of packaging, biomaterials, timber constructions and paper.