Stora Enso holds investor calls ahead of green bond offering

By Mary-Katherine Stinson

Lexington, Ky., May 19 – Stora Enso Oyj has mandated BNP Paribas, Credit Agricole CIB, Danske Bank and Skandinaviska Enskilda Banken as joint active bookrunners to arrange a series of fixed-income investor calls beginning May 22, according to a press release.

A dual-tranche green bond offering, each tranche totaling €500 million which will not grow, with tenors of three and six-plus years is expected to follow subject to market conditions.

The Regulation S notes are expected to be rated Baa3 by Moody’s and BBB- by Fitch and will be offered under Stora Enso’s euro medium-term note program dated May 5.

Danske Bank is coordinating logistics.

Skandinaviska Enskilda Banken acted as adviser on the framework. Stora Enso has engaged Sustainalytics as the external reviewer to provide an independent second-party opinion.

Proceeds will be exclusively allocated to finance or refinance new and existing capital expenditures, research and development and assets that are owned, controlled and managed by the issuer or its subsidiaries.

As previously reported, the company signed its first sustainability-linked revolving credit facility in 2017 and issued its first green bond deal in 2019. In total, the company has issued 11 green bonds, bilateral loans or sustainability-linked facilities with a total nominal amount of roughly €3.1 billion.

Stora Enso is a manufacturer of pulp, paper and other forest products. The company is based in Helsinki, Finland.

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