White & Case Advises Stora Enso on Inaugural Green Bond Issue
Global law firm White & Case LLP has advised Stora Enso Oyj (Stora Enso), a leading global provider of renewable solutions in packaging, biomaterials, wooden constructions and paper, on its inaugural Green Bond issue.
The bonds have an aggregate principal amount of SEK 6 billion and were issued under Stora Enso's Euro Medium Term Note program in three tranches: SEK 1.25 billion Floating Rate Green Notes due February 2024; SEK 3 billion Floating Rate Green Notes due August 2021; and SEK 1.75 billion 1.875 percent Green Notes due February 2024. The proceeds from the issue will be used in accordance with Stora Enso's Green Bond framework to finance its acquisition of forest assets that are 100 percent certified as sustainable forestry.
The bonds were admitted to trading on the regulated market of the Luxembourg Stock Exchange. DNB, Nordea and SEB acted as joint bookrunners on this transaction.
"Our market leading and internationally recognized sustainable finance practice has been involved in sustainable financing from its inception in the corporate sphere and has remained at the forefront of recent innovations," said White & Case partner Mikko Hulkko, who led the Firm's deal team. "Advising on Stora Enso's first green bond is another example of our work in sustainable finance."
The White & Case team that advised on the transaction was led by partner Mikko Hulkko (Helsinki), with support from counsel Michael Bark-Jones (Stockholm) and associates Benjamin Tuiskula and Liisa Rekola (both Helsinki).
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