Cookies

Stora Enso sites uses cookies in order to provide you with the best user experience. You consent to the use of cookies by continuing the use of the site. You can change your browser settings at any time. For further information on cookies, please see our privacy and cookie policy.

     

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 2015​EUR​USD​SEK
Public issues​
EUR 500 million 2018

 
EUR 500 million 2019

USD 300 million 2036
SEK 500 million 2017

 
SEK 2 200 million 2017

​Private placements​EUR 225 million ​USD 50 million
Financial Institutions​EUR 507 million​USD 1 243 million​
​Pension commitment loans​EUR 9 million
Commercial paper issues​EUR 10 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 
 
​ ​ ​ ​​2015201520142015​2014
​All liabilities are Held by the Parent company ​ ​ ​
Currency million​​ ​​
EUR million​
Fixed rate                                                                                                                              ​                       ​ ​ ​ ​ ​ ​
1993 - 2019
Series C Senior Notes 2019
8.600
USD
50 50 50​ ​47 ​41
2006 - 2015​ Swedish Fixed Real Rate 3.500​ SEK​ ​500 ​- 500 - 57​
2006 - 2016​ ​Global 6.404% Notes 2016 ​6.404 ​USD ​508 - 412 ​- 345​
​2006 - 2036 Global 7.250% Notes 2036​ ​7.250 ​USD 300​ 300 ​300 272 244
2010 - 2015​ Euro Medium Term Note​ ​5.750 ​SEK 2 400 - 1865 ​- 199
​2012 - 2017 Euro Medium Term Note​ ​5.750 ​SEK ​500 500 500 54 53
2012 - 2018​ Euro Medium Term Note​ ​5.000 EUR​ 500 500 500 498 497
​2012 - 2019 Euro Medium Term Note​ 5.500​ EUR​ ​500 500 500 498 498
​ ​ ​ ​ ​ ​ ​Total Fixed Rate Bond Loans                                                                        
1369​
1934​
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 ​50 ​50
​2009 - 2016 ​Euro Medium Term Note Euribor +4.21​ EUR​ 390​ - 190 - 190
​2010 - 2015 Euro Medium Term Note​ ​Stibor +3.70 SEK ​1400- 1400 - 149
​2012 - 2017
​Euro Medium Term Note
Stibor +3.90​
​SEK
2200​
2200
2200
240​
234​
​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​-
Total Fl​​​oating Rate Bond Loans                           ​ ​ ​ ​ ​ ​                                      ​ ​ ​ ​
465
648
Total Bond Loans  ​ ​ ​ ​ ​ ​                                                                                         
1834
2582

 

 

Stora Enso considers two investment grade ratings an important target. 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 (positive) / B​​23 August 2016
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.