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Debt investors

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Stora Enso’s funding strategy is based on the group’s financial targets. Stora Enso should have access to sufficient competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets.
In order to achieve this, the emphasis is on capital markets funding. Stora Enso strives to build confidence and a track record with fixed-income investors by being informative and transparent.
The debt structure of Stora Enso is focused on capital markets, whereas banks are utilised primarily to provide back-up facilities. To balance exposures, funding is obtained in the currencies of the group’s investments and assets (primarily USD, EUR and SEK).
 
Commercial paper markets are used for short-term funding and liquidity management.​

 
as at 31 Dec 2016​EUR​USD​SEK
Public issues​
EUR 212 million 2018
EUR 428 million 2019
EUR 300 million 2023
USD 300 million 2036
SEK 480 million 2017
SEK 2 060 million 2017
​Private placements​EUR 175 million ​USD 50 million
Financial Institutions​EUR 430 million​USD 990 million​
​Pension commitment loans​EUR 6 million
 
​EURUSD​​SEK
​Commercial Paper ProgrammesFinnish Commercial Paper Programme​ EUR 750 million​Swedish Commercial Paper Programme 
SEK 10 000 million
EMTN (Euro Medium-Term Note Programme)​EUR 4 000 million​
​Back-up 
facility

​EUR 700 million Syndicated Multi-Currency Revolving Credit Facility
2019 1)
 1) Undrawn committed credit facility EUR 700 million.
 
​​​Issue/
Maturity Dates
Description of Bond​
​Interest Rate % 
Currency of Bond​
Nominal Value Issued​
Outstanding
As at 31 December 
Carrying Value
As at 31 December 
 
​ ​ ​ ​2016201520162015
​All liabilities are Held by the Parent company ​ ​ ​
Currency million​​ ​​
EUR million​
Fixed rate                                                                                                                              ​                       ​ ​ ​ ​ ​ ​
1993 - 2019
Series C Senior Notes 2019
8.600
USD
505050​​4747
​2006 - 2036 Global 7.250% Notes 2036​ ​7.250 ​USD300​ 300 ​300 281 272
​2012 - 2017 Euro Medium Term Note​ ​5.750 ​SEK ​500 480 500 50 54
2012 - 2018​ Euro Medium Term Note​ ​5.000 EUR​ 500 212 500 212 498
​2012 - 2019 Euro Medium Term Note​ 5.500​ EUR​ ​500428 500 427 498
​2016-2023Euro Medium Term Note​​2.125​EUR​300​300​-​298-​
Total Fixed Rate Bond Loans                                                                        
1315​
1369​
Floating rate​​ ​ ​ ​ ​ ​ ​ ​ ​                                                                                                                            
​2006 - 2018 Euro Medium Term Note​ ​Euribor +0.96​EUR 25​ ​25 25 25 ​25
​2006 - 2018 ​Euro Medium Term Note ​Euribor +0.72 EUR​  50- ​ 50 ​- ​50
​2012 - 2017
​Euro Medium Term Note
Stibor +3.90​
​SEK
2200​
2060
2200
215​
240​
​2015 - 2025​Euro Medium Term Note

​Euribor

+2.25

EUR​​125​125​125​125​125
​2015 - 2027​Euro Medium Term Note​Euribor +2.35​EUR​25​25​25​25​25
Total Fl​​​oating Rate Bond Loans                           ​ ​ ​ ​ ​ ​                                      ​ ​ ​ ​
390
465
Total Bond Loans  ​ ​ ​ ​ ​ ​                                                                                         
1705
1834

 

 

Stora Enso Group’s target is to have at least one public credit rating with long-term ambition to return to investment grade credit rating. The present rating and outlook from Moody's and Standard & Poor's (S&P) are shown below. For older reports please visit Download Center and select Rating reports.
​Rating agency​Long / Short-term rating​Valid from
Standard & Poor's​BB+ (stable) / B​​21 August 2017
Moody's​​Ba2 (positive) / NP​4 August 2016​
 
Stora Enso’s goal is to ensure that rating agencies continue to be comfortable ​with Stora Enso’s strategy and performance. The company's strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is kept with the rating analysts.