Stora Enso completes tap of two five-year bonds
The 1,300 million Swedish Kronor 5.75 percent fixed coupon bond was tapped with 1,100 million Kronor of new notes issued with a 5.45 percent yield at a price of 101.200. The settlement date of the transaction is 29 November 2010. Following the tap, a total of 2,400 million Kronor of the bond is outstanding.The1,000 million Swedish Kronor bond that pays a floating coupon of three-month Stibor plus 3.7 percent was tapped with 400 millio Kronorn of new notes issued with a Stibor plus 2.75 percent at a price of 104.107. The settlement date of the transaction is 1 December 2010. Following the tap, a total of 1,400 million Kronor of the bond is outstanding.Sole arranger and bookrunner for these transactions was Skandinaviska Enskilda Banken AB, SEB."The tapping follows the two bonds issued on 24 August 2010. Those bonds have performed well, and we felt there was additional demand for our bonds. We therefore decided to take advantage of good market conditions and tap the bonds at attractive levels. The Group has strong liquidity, and we continue to manage our short-term maturities and maturity profile proactively," says Jyrki Tammivuori, Senior Vice President, Group Treasure, Stora Enso.