White & Case advises Stora Enso on €1 billion dual-tranche hybrid bond issuance

Global law firm White & Case LLP has advised Stora Enso on the issuance of two tranches of hybrid bonds with a total nominal amount of EUR 1 billion.

The transaction comprises a EUR 500 million hybrid bond with a 3-year first call period and a EUR 500 million hybrid bond with a 5.5-year first call period. The bonds are subordinated instruments with no fixed maturity date and are treated as equity under IFRS. The bonds will be listed on the Global Exchange Market of Euronext Dublin.

The proceeds from the issuance will be used for general corporate purposes, including the refinancing of existing debt and upcoming maturities.

The White & Case team which advised on the transaction was led by partners Jenni Nygård (Helsinki) and Richard Pogrel (London) and included partner Oona Lilja (Helsinki), counsel James Clarke (London) and associates Jack Adachi (London) and Krista Enarvi (Helsinki).

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