Stora Enso buys back €336.82 million of 5 1/8% notes in tender offer

By Angela McDaniels

Tacoma, Wash., March 9 - Stora Enso Oyj repurchased €336.82 million of its €750 million 5 1/8% notes due 2014, according to a company news release.

A tender offer for the notes began on Feb. 29 and ended at 11 a.m. ET on March 8. The settlement date is expected to be March 13.

When the offer began, the company said the amount of 5 1/8% bonds purchased in the tender offer would be no greater than the size of its new issue of eurobonds. Stora Enso priced €500 million of 5½% bonds due 2019.

The purchase price for the 5 1/8% bonds is 105.97, which was set on March 9 using the interpolated mid-swaps rate plus 130 basis points and a yield of 2.396%.

Citigroup, Deutsche Bank, Goldman Sachs and SEB were the bookrunners for the bond issue and the dealer managers for the tender offer.

Stora Enso is a Helsinki, Finland-based paper, packaging and wood products company.

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