Stora Enso announces the early participation results of its exchange offer for any and all of its US
STORA ENSO OYJ Stock Exchange Release 28 March 2006 at 11.00
Stora Enso announces the early participation results of its exchange offer for any and all of its USD 750 000 000 7.375% Notes Due 2011 Stora Enso Oyj announced today that as of 5:00 p.m., New York City time, on 27 March 2006 (the early participation date) approximately USD 273 729 000 in principal amount of its 7.375% Notes Due 2011 (CUSIP No. 86210MAA4; ISIN No. US86210MAA45) (the old notes) (approximately 36.50%) had been validly tendered, and may no longer be withdrawn. Consequently the condition of more than USD 200 000 000 in principal amount of old notes validly tendered and not withdrawn has been satisfied. Holders who have tendered old notes before the early participation date will receive the total exchange price, which includes the early participation payment of USD 10 per USD 1 000 principal amount of old notes tendered and accepted, to be paid in new fixed rate notes due 2016 (the new notes). Holders of old notes who validly tender their notes after the early participation date but on or prior to the expiration date will receive the exchange offer consideration, which will equal the total exchange price minus the early participation payment. Old notes tendered after the early participation date may only be withdrawn at or prior to the expiration date. The exchange offer will expire at midnight, New York City time, on 10 April 2006 (the expiration date), unless extended. On 14 March 2006 Stora Enso also announced that, subject to market conditions, it may, concurrently with this exchange offer, offer and sell additional notes for cash (the additional notes). Any such additional notes would be priced based on a book building process that will reflect market conditions. The new notes to be issued in the exchange offer and such additional notes are currently expected to have an aggregate principal amount of at least USD 500 000 000 and would constitute a single series of securities. The settlement for any additional notes would be at the same time as for the new notes. In addition, concurrently with the issuance of the additional notes, Stora Enso may issue a separate tranche of longer dated notes, the terms of which are yet to be determined, amounting to an aggregate principal amount expected to be approximately USD 250 000 000. The exchange offer is based on and subject to the conditions in the Exchange Offering Memorandum, dated 14 March 2006. The new notes, any additional notes and any longer dated notes have not been and will not be registered with the US Securities and Exchange Commission under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act. This offer is not being made in Italy and other restrictions apply including Belgium, France, Germany and UK. See the Exchange Offer Memorandum dated 14 March 2006 for details. Additional information concerning the exchange offer and copies of the Offering Memorandum and related documents may be obtained by contacting Global Bondholder Services Corporation, the information agent, tel. +1 866 488 1500. For further information, please contact: Markus Rauramo, Senior Vice President, Group Treasurer, tel. +44 20 7016 3250 Peter Nordquist, Vice President, Funding, tel. +44 20 7016 3266 www.storaenso.com www.storaenso.com/debt STORA ENSO OYJ p.p. Jussi Siitonen Jukka Marttila