Debt investors

Main debt securities

The following table sets forth Metsä Board's significant debt securities issued and outstanding at 30 June 2019

​Long-term borrowings

​Total amount,
EUR million

EUR million

​Average interest
rate*, %


​EUR 250 million bond issued 2017 ​250 ​250 ​2.8 ​2027
​EUR 225 million bond issued 2014                                                       ​2019
​Syndicated credit facility 2014 ​200 ​50                                     2.6 ​2020
​Bilateral loans                                                                           ​2019–2020
​Finance leases ​22                  22                                     2.2               ​2019–2025
​Pension loans ​212 ​46 ​4.6 2019–2020

* 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 30 June 2019 is 2.5% and average repayment time of long-term borrowing is 6.2 years.


The following table sets forth Metsä Board's principal long-term liquidity reserves at 30 June 2019

Liquidity reserves

​Total amount,
EUR million

EUR million

​Average interest
rate*, %


Revolving credit facility



- 2020

​Pension loan facilities



                  4.6 -

Short-term funding programmes

​Metsä Group internal short-term limit



0–12 months

Metsä Group Treasury funding programmes

​Domestic CP programme

150​ 0​ -​ ​0–12 months

Debt repayment schedule

Long-term interest-bearing debt maturity profile 30 June 2019

Credit  ratings

Moody's and Standard & Poor's credit ratings

​Rating ​Outlook
​Moody's ​Baa3 ​Stable
​Standard & Poor's ​BBB- ​Stable


Metsä Board Corporation issued in September 2017 senior unsecured notes in the amount of EUR 250 million, maturing 29 September 2027, and carrying a fixed coupon interest rate of 2.750 per cent per annum (the “2027 Notes”). The 2027 Notes are expected to be listed on the official list maintained by Nasdaq Helsinki Ltd on or about 3 October 2017.

The 2019 Notes and 2027 Notes are together referred to as the Notes.



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