HELSINKI, Finland, Jan. 26 - Stora Enso today announced that Stora Enso has signed a new EUR 1.75 billion syndicated credit facility agreement with a group of 23 banks. The facility, which has a maturity of five years, is for general corporate purposes including the refinancing of existing EUR 2.5 billion syndicated facility. The new loan facility has a margin of 0.275% p.a. over Euribor.
Mandated Lead Arrangers for the transaction are BNP Paribas, Citibank, JP Morgan and SEB.
Arrangers: ABN AMRO, Bank of America, Barclays, Commerzbank, Calyon, Danske Bank, Deutsche Bank, Dresdner Bank, Goldman Sachs, ING, KBC Bank, Merrill Lynch, Morgan Stanley, Nordea, OKO, Sampo Bank, Svenska Handelsbanken, The Bank of Tokyo-Mitsubishi, UBS.
The rational for refinancing was primarily to save costs by taking advantage of prevailing market conditions and to prolong the maturity.
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