Stora Enso has successfully issued a new EUR 500 million (approximately Rs 4,398 crore) green bond under its EMTN (Euro Medium Term Note) program. The bond matures in December 2030 and pays a fixed coupon of 0.625%. The bond is issued under Stora Enso’s Green Bond framework, published in May 2018. The issue price was 99.211, equivalent to a yield of 0.707% and EUR mid-swaps +95 basis points.
There are no financial covenants included in the bond documentation. The bond will be listed on the Luxembourg Stock Exchange. The joint lead managers and bookrunners for the transaction are BNP Paribas, J.P. Morgan Securities, NatWest Markets, and OP Corporate Bank.
“We’re very pleased with the issuance of our first euro green bond. This issuance fits our sustainable finance strategy well. It’s a good continuation from the SEK denominated green bonds issued in 2019 and 2020,” says group treasurer Pasi Kyckling.
The proceeds from the new bond will finance the acquisition of certified forestland in Sweden and operational expenditures of sustainable forest management, investments at Gruvön Mill and Ždirec sawmill for producing cross-laminated timber (CLT), Oulu Mill conversion from graphic paper to kraftliner, and an investment in a steam turbine at Maxau Mill that enhances renewable energy production and reduces its CO2 emissions.
“Our third successful green bond issue is further evidence that our sustainability agenda supports our value creation in the bioeconomy. We are raising new finance to strengthen our position as a leading renewable materials company. Our eligible projects for green bond proceeds are contributing to solving global sustainability challenges and mitigating climate change with our eco-friendly and circular solutions”, says Annette Stube, executive vice president Sustainability.
The impact, resilience, and growth of responsible packaging in a wide region are daily chronicled by Packaging South Asia.
A multi-channel B2B publication and digital platform such as Packaging South Asia is always aware of the prospect of new beginnings and renewal. Its 16-year-old print monthly, based in New Delhi, India has
demonstrated its commitment to progress and growth. The Indian and Asian packaging industries have shown resilience in the face of ongoing challenges over the past three years.
As we present our publishing plan for 2023, India’s real GDP growth for the financial year ending 31 March 2023 will reach 6.3%. Packaging industry growth has exceeded GDP growth even when allowing for inflation in the past three years.
The capacity for flexible film manufacturing in India increased by 33% over the past three years. With orders in place, we expect another 33% capacity addition from 2023 to 2025. Capacities in monocartons, corrugation, aseptic liquid packaging, and labels have grown similarly. The numbers are positive for most of the economies in the region – our platform increasingly reaches and influences these.
Even given the disruptions of supply chains, raw material prices, and the challenge of responsible and sustainable packaging, packaging in all its creative forms and purposes has significant headroom to grow in India and Asia. Our context and coverage engulf the entire packaging supply chain – from concept to shelf and further – to waste collection and recycling. We target brand owners, product managers, raw material suppliers, packaging designers and converters, and recyclers.
In an admittedly fragmented and textured terrain, this is the right time to plan your participation and marketing support communication – in our impactful and highly targeted business platform. Tell us what
you need. Speak and write to our editorial and advertising teams!
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