Stora Enso has agreed a EUR 240 million risk mitigation facility with the European Bank for Reconstruction and Development (EBRD). The facility, which takes the form of a syndicated multi-purpose loan facility, is co-sponsored by three Nordic banks: Nordea, Skandinaviska Enskilda Banken and Svenska Handelsbanken. The facility can be drawn until the end of 2005 with maturities of up to nine years, and it is intended to provide political risk mitigation for Stora Enso’s investments in Central and Eastern Europe, including Russia, in an efficient manner and with minimal bureaucracy.
The two recently announced greenfield sawmill projects of Stora Enso (in Karelia and Novgorod) and the new corrugated board mill project in Arzamas in Russia will be the first projects to be funded under the new facility.
“Stora Enso is pleased to have EBRD as a strong partner in its future expansion in Russia and Eastern Europe,” says CFO Esko Mäkeläinen.
For further information, please contact:
Esko Mäkeläinen, Chief Financial Officer, tel. +44 208 432 1540
Kari Vainio, Executive Vice President, Corporate Communications,
tel. +44 7799 348 197
Keith Russell, Senior Vice President, Investor Relations, tel. +44 7775 788 659
www.storaenso.com
www.storaenso.com/investors
