Loans and credit facilities
Stockmann’s main credit facilities include committed bilateral facilities, a corporate bond and a commercial paper programme. Additionally, Stockmann has a hybrid bond, which is treated as equity in the company’s consolidated financial statements.
Committed bilateral facilities
Stockmann plc has long-term committed bilateral credit facilities of EUR 700 million. The bilateral loan agreements were signed with six banks in December 2013 and the credit facilities will mature in February 2019. As of 31 December 2015, EUR 300 million of the committed long-term credit facilities were undrawn.
Stockmann plc has issued a corporate bond of EUR 150 million in November 2012. The bond will mature on 19 March 2018 and carries a fixed coupon interest rate of 3.375 per cent per annum. The bond is listed on Nasdaq Helsinki with ISIN code FI4000051057.
Stockmann has a EUR 600 million commercial paper programme in co-operation with five banks in Finland. The issuer or the notes do not have a credit rating. The arrangers for the programme are Danske Bank, Svenska Handelsbanken, Nordea Bank, Pohjola Bank and Swedbank.
Stockmann plc has a EUR 85 million hybrid bond. The settlement date of the bond was 17 December 2015. The bond has no maturity but the company may exercise an early redemption option earliest on 31 January 2020. The coupon rate of the bond is 7.75% per annum. Read more.
Stockmann has not applied for a credit rating from any credit rating institution
Financial risk management
Stockmann’s financing and the management of financial risks are handled on a centralized basis within the Treasury function in accordance with the policy adopted by the Board of Directors. For information about the financial risk management, see the note 31 in the Financial Statements.
Maturity structure of interest bearing liabilities