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.