Debt investors

Main debt securities

The following table sets forth Metsä Board's significant debt securities issued and outstanding at 31 March 2017

​Long-term borrowings

​Total amount,
EUR million

​Outstanding,
EUR million

​Average interest
rate*, %

​Maturity

Bond ​225 ​225 ​4.5 ​2019
​Syndicated credit facility ​250 ​150                   3.2 ​2020
​Bilateral loans ​51                   51 ​1.4 ​2017–2020
​Finance leases ​24 ​24                   2.3 ​2017–2024
​Pension loans ​230 ​128 ​4.5 2017–2020

* The average interest rate take into account outstanding interest rate swaps and amortised arrangement fees.
The average interest rate of all Metsä Board interest bearing net liabilities incl. interest rate derivatives per 31 March 2017 is 3.3% and average repayment time of long-term borrowing is 2.2 years.

 


The following table sets forth Metsä Board's principal long-term liquidity reserves at 31 March 2017

Liquidity reserves

​Total amount,
EUR million

​Outstanding,
EUR million

​Average interest
rate*, %

​Maturity

Revolving credit facility

​100

​0

- 2020

​Pension loan facilities

​230

                     128

                  4.5 -

Short-term funding programmes

​Metsä Group internal short-term limit

150​

0​

- 0–12 months

Metsä Group Treasury funding programmes

​Domestic CP programme

150​ 0​ -​ ​0–12 months

Debt repayment schedule

Long-term interest bearing liabilities and committed credit facilities at 31 March 2017

EUR million

Long-term interest bearing liabilities Committed undrawn credit facilities
2017 105
2018 35
2019 257
2020 174 100
2021 1
2021 2 102

Credit  ratings

Moody's and Standard & Poor's credit ratings

​Rating ​Outlook
​Moody's ​Ba2 ​Stable
​Standard & Poor's ​BB+ ​Positive

Bonds

Metsä Board Corporation issued in March 2014 a EUR 225 million bond mainly to institutional investors. The bond matures on 13 March 2019, and it carries a fixed coupon interest rate of 4.000 per cent per annum. NASDAQ OMX Helsinki Oy is expected to admit the bond to public trading as from 14 March 2014.


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