Stora and Norsk join margin-slashing early refinancing party
Two Nordic firms — Stora Enso and Norsk Hydro — have ridden the early refinancing wave sweeping the investment grade loan market to sign deals at reduced margins to the loans being replaced.
Finnish pulp and paper maker Stora Enso has signed its €700m early refinancing facility at a 35bp discount to the loan being replaced.
The margin of Stora Enso's new loan is based on a ratings grid. At the firm's existing ratings of Ba2/BB, the margin is 140bp over
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