Stora Enso, a pulp and paper manufacturer from Finland has sealed the refinancing of a US$700mn revolving credit facility (RCF).

The loan is priced at Euribor plus 1.4% and has a three-year maturity, with a one-year extension option.

Crédit Agricole, Finland’s Pohjola Bank and SEB acted as mandated lead arrangers (MLAs) and bookrunners, with Barclays, BNP Paribas, Citi, Deutsche Bank, DNB, Goldman Sachs, HSBC, JP Morgan, Nordea, RBS and Standard Chartered joining the ticket as MLAs.

Stora Enso’s acting CFO Jyrki Tammivuori tells GTR that the company is happy with the conditions in the market for borrowing and that “we have been working with these banks for a long period of time and are very grateful for their solid support”.

He adds that with liquidity high in the company there are no immediate requirements to return to the market.

Tammivuori continues: “The rationale for the refinancing was to extend the maturity of the facility and benefit from market conditions to improve the terms of the facility.”