Loans and credit facilities
Stockmann’s financing mainly include bank loans, credit facilities, corporate bonds and a commercial paper programme. Additionally, Stockmann also has a hybrid bond, which is treated as equity in the company’s consolidated financial statements.
Committed credit facilities
Stockmann has a secured credit facilities of EUR 609 million with OP Corporate Bank plc, Danske Bank A/S, Nordea Bank AB (publ), DNB Bank ASA, Svenska Handelsbanken AB (publ) and Swedbank AB (publ). EUR 109 million of the credit facilities will mature in June 2018, an prepayment of EUR 150 million will be made latest in January 2019, and the rest of the loans and the credit limits will mature in January 2021.
Stockmann issued secured senior bonds to a value of EUR 250 million in December 2017. The bonds will mature on 11 January 2022, and carry a fixed interest rate of 4.75 per cent per annum. The bonds are listed on Nasdaq Helsinki. Listing prospectus 21.12.2017.
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. The listing prospectus for the loan has not been published. 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 34 in the Financial Statements.
Maturity structure of interest bearing liabilities
Earlier corporate bonds
Stockmann issued a corporate bond of EUR 150 million in November 2012. Listing prospectus 19.11.2012. The bond, that was planned to mature in 2018, was early redeemed in December 2017.