Stora Enso signs a EUR 700 Million Revolving Credit Facility Linked to Sustainability Targets
For the agreement, Crédit Agricole Corporate and Investment Bank, Nordea, and OP Corporate Bank acted as Coordinators, Bookrunners, and Mandated Lead Arrangers for the facility.
Stora Enso has signed a new USD 788.45 million (EUR 700 million) revolving credit facility (RCF) contract with a syndicate of 12 banks for the refinance of its existing USD 675.75 million (EUR 600 million) facility. The five-year facility has two one-year extension options and will be used as a backup for general corporate purposes.
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The pricing mechanism of the RCF is linked to Stora Enso’s science-based climate targets. Stora Enso commits to reduce 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 percent 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.
Speaking about the agreement, Pasi Kyckling, Group Treasurer, Stora Enso, comments, “Connecting Stora Enso’s sustainability performance to our revolving credit facility is an important enabler for us to continue to execute our business strategy. We are pleased with the refinanced facility and the continued support of our banking partners.”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