STOCKMANN ARRANGES LONG-TERM FINANCING

STOCKMANN plc Company Announcement 19.12.2008 at 16.15

STOCKMANN ARRANGES LONG-TERM FINANCING

The Stockmann Group has today signed an agreement for arranging its financing for the coming years. The loan financing package that was negotiated in conjunction with the Lindex transaction was due to be refinanced by 30 September 2009. The parties to the loan financing package of EUR 1000 million agreed today are Varma, the Nordic Investment Bank (NIB) and a banking consortium composed of Nordea, Pohjola, Handelsbanken and Danske Bank. The financing package is divided into separate elements, with maturity periods of 7, 5 and 3 years.

This solution will ensure financing for Stockmann's main investments in the near future, which include the extension and renovation project for the Helsinki department store and the construction of the Nevsky Centre department store and shopping centre in St Petersburg, as well as for the Group's day-to-day operations.

As a result of the decline in interest rates caused by the global financial crisis, the agreed solution is expected to significantly reduce Stockmann's financing expenses in 2009 compared with 2008.

STOCKMANN plc

Hannu Penttilä CEO

DISTRIBUTION NASDAQ OMX Principal media





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