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.

  • By Michael Turner
  • 22 Nov 2013

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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