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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.Stora Enso’s debt structure is focused on the capital markets and commercial banks. Stora Enso maintains consistent dialogue with fixed-income community with informative and transparent communication and meetings in conferences and roadshows.
Funding is obtained in the currencies of the Group’s investments and assets (primarily CNY, EUR, SEK and USD). Commercial paper markets are used for short-term funding and liquidity management.
Stora Enso has EUR 1 256 million cash and cash equivalents at 30 September 2021. The company has EUR 600 million Committed Revolving Credit Facility fully undrawn and an undrawn committed EUR 150 million loan with European Investment Bank that can be drawn latest in 2022 for five-year maturity. Additionally, the company has access to EUR 950 million statutory pension premium loans in Finland. Stora Enso has a good access to various funding sources.
|as at 30 September 2021||EUR||USD||SEK|
|EUR 300 million 2023||USD 300 million 2036||SEK 3000 million 2024|
|EUR 300 million 2027||SEK 3000 million 2025|
|EUR 300 million 2028|
|EUR 500 million 2030|
|Private placements||EUR 125 million 2025||SEK 1000 million 2026|
|EUR 25 million 2027|
|Pension commitment loans|
|as at 30 September 2021||EUR||USD||SEK|
|Commercial Paper Programmes||Finnish 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 600 million Sustainability linked Revolving Credit Facility 2023 1)|||||
|EUR 150 million committed undrawn EIB loan. To be drawn latest 2022, five-year maturity|
1) Undrawn committed credit facility EUR 600 million. Part of the pricing for the facility agreement is based on Stora Enso's Science Based Targets to combat global warming by reducing greenhouse gases, including CO2.
|Issue / Maturity Dates||Description of Bond||Interest Rate %||Currency of Bond||Nominal Value Issued||Outstanding as at 30 September||Carrying Value as at 30 September|
|All liabilities are Held by the Parent company ||Currency million ||EUR million|
|2006 - 2036||Global 7.250% Notes 2036||7.250||USD||300||300||256|
|2016 - 2023||Euro Medium Term Note||2.125||EUR||300||300||299|
|2017 - 2027||Euro Medium Term Note||2.500||EUR||300||300||299|
|2018 - 2028||Euro Medium Term Note||2.500||EUR||300||300||298|
|2019 - 2024||Euro Medium Term Note||1.875||SEK||1750||1 750||172|
|2020 - 2025||Euro Medium Term Note||2.375||SEK||1550||1 550||153|
|2020-2030||Euro Medium Term Note||0.625||EUR||500||500||495|
|Total Fixed Rate Bond Loans||1 973|
|2015 - 2025||Euro Medium Term Note||Euribor +2.25||EUR||125||125||125|
|2015 - 2027||Euro Medium Term Note||Euribor +2.35||EUR||25||25||25|
|2019 - 2024||Euro Medium Term Note||Stibor + 1.45||SEK||1 250||1 250||123|
|2019 - 2026||Euro Medium Term Note||Stibor + 1.60||SEK||1 000||1 000||98|
|2020 - 2025||Euro Medium Term Note||Stibor + 2.20||SEK||1 550||1 550||153|
|Total Floating Rate Bond Loans||524|
|Total Bond Loans||2 496|
|Rating agency||Long / Short-term rating||Valid from|
|Fitch Ratings||BBB- (stable)||8 August 2018|
|Moody's||Baa3 (stable) / P-3||1 November 2018|
Stora Enso’s current credit ratings are: Baa3 with stable outlook from Moody’s and BBB- with stable outlook from Fitch Ratings. Both ratings correspond to an Investment Grade rating, and there has been no changes in the ratings up to the end of September 2021.
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 maintained with the rating analysts.
Read more about debt and loans in Note 26 of our Financial report 2020.