Main debt securities

The following table sets forth Metsä Board's significant debt securities issued and outstanding at 30 September 2021

​Long-term borrowings

​Total amount,
EUR million

EUR million

​Average interest
rate*, %


​Bond issued 2017 ​250 ​250 ​2.8 ​2027
​Syndicated credit facility 2019 350 ​1501.7 2025–2027
​Other loans from financial institutions                225                                  33                                     1.1                   ​20282030
​Finance leases ​ 1717

* 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 September 2021 is 2.3%.


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

Liquidity reserves

​Total amount,
EUR million

EUR million

​Average interest
rate*, %


Revolving credit facility 2019
Bank facility 2020
EIB Facility 2020
Short-term funding programmes
​Metsä Group internal short-term limit
-​0–12 months
Metsä Group Treasury funding programmes
Domestic CP programme
0–12 months
Other facilities
​Pension loan facilities

Green Finance Framework

Metsä Group, which Metsä Board is part of, adopts a Green Finance Framework, which links sustainable development and climate change mitigation to Metsä Group’s financing activities. Metsä Board’s financing may be arranged under this framework.

The Green Finance Framework applies to environmentally sustainable investments such as increasing the share of renewable energy, improving resource and energy efficiency or reducing the water usage. The framework is based on Metsä Group’s ambitious sustainable targets for 2030.

Sustainalytics has given a second-party opinion on Metsä Group’s Green Finance Framework.

Debt repayment schedule

Long-term interest-bearing debt maturity profile as per 30 September 2021

Credit  ratings

Metsä Board has invesment grade credit ratings by Moody’s Investor Service and S&P Global

​Rating ​Outlook
​Moody's Investor Service ​Baa3 ​Stable
​S&P Global ​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 listed on the official list maintained by Nasdaq Helsinki Ltd.



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