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Stora Enso taps two five-year bonds

Pulp and paper manufacturer in Finland Stora Enso has tapped its two five-year bonds due in June 2017 both of which are issued under the company’s Euro Medium Term Note (EMTN) program.

The SEK1.35bn ($206m) bond that pays a floating coupon of three-month Stibor plus 390 basis points was tapped with SEK850m ($129m) of new notes issued with a yield of Stibor + 3.70%. The transaction’s settlement date is 3 September 2012.

According to the company, the SEK350m ($53m) 5.75% fixed coupon bond was tapped with SEK150m ($23m) of new notes issued with a 5.57% yield. The settlement date is 3 September 2012.

The tap was made to strengthen Stora Enso’s liquidity even further.

Skandinaviska Enskilda Banken was the sole arranger and bookrunner for the transactions.