Loans and credit facilities
The District Court of Helsinki approved Stockmann plc’s restructuring programme on 9 February 2021. The restructuring programme is proceeding according to plan, which means that all Stockman’s department store properties have been sold and both the secured restructuring debt and undisputed unsecured restructuring debt have been paid. There are still disputed claims regarding the termination of lease agreements that must be settled before the restructuring programme can end.
Stockmann´s external financing consists of a credit facility and corporate bonds.
Committed credit facility
In July 2023, Stockmann signed for a secured revolving credit facility of EUR 40 million, which will mature in July 2028.
As a part of the corporate restructuring programme, Stockmann plc has announced an offering of senior secured bonds to certain unsecured creditors of the issuer under the restructuring programme. Pursuant to the restructuring programme, the unsecured creditors have been entitled to convert their receivables under the payment programme of the restructuring programme that have been confirmed to unsecured debt, by way of set-off, to senior secured bonds on a euro-for-euro basis. The aggregate principal amount of the bonds validly subscribed for by the unsecured creditors is EUR 71.9 million. Accordingly, Stockmann has issued bonds to the aggregate principal amount of 71.9 million. The maturity of the bonds is up to July 2026, and they carry a fixed interest rate of 0.10 per cent per annum.
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 4.8 in the Financial Statements.