Stora Enso signs a new Euro 700 million revolving credit facility (RCF) agreement with a syndicate of 12 banks to refinance its existing Euro 600 million facility. The five-year facility has two one-year extension options and will be used as a backup for general corporate purposes.
The pricing mechanism of the RCF is linked to Stora Enso’s science-based climate targets. Stora Enso commits to reducing absolute scope 1 and 2 greenhouse gas (GHG) emissions from its own operations, as well as scope 3 GHG emissions from its value chain, by 50% by 2030 from the 2019 base-year. The targets relating to own operations are aligned with the scenario that limits global warming to 1.5 degrees. The science-based targets have been approved by the Science Based Targets initiative.
Crédit Agricole Corporate and Investment Bank, Nordea and OP Corporate Bank acted as Coordinators, Bookrunners and Mandated Lead Arrangers for the facility. Nordea acted as the sustainability coordinator for the RCF. Bank of America, BNP Paribas, Danske Bank, Deutsche Bank, DBS Bank Ltd, London Branch, DNB Bank ASA, J.P. Morgan Securities plc, National Westminster Bank PLC, and SEB joined in syndication as Mandated Lead Arrangers.
Stora Enso is a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper.
