Stora Enso signs EUR 2.5 billion multi-c

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STORA ENSO OYJ  Stock Exchange Release 16 January 2003 at 10.00

Stora Enso signs EUR 2.5 billion multi-currency revolving credit 

Stora Enso has signed a new EUR 2.5 billion revolving credit 
facility agreement with a group of 21 banks. The facility, which 
has a maturity of five years, is for general corporate purposes 
including the refinancing of existing syndicated facilities 
amounting to EUR 1.6 billion. The loan facility has a margin of 
0.425% p.a. over Euribor.

The syndication was significantly oversubscribed and the 
facility size was increased from EUR 2.0 billion to EUR 2.5 

Mandated Lead Arrangers for the transaction are ABN Amro Bank 
N.V, Barclays Capital, Crédit Agricole Indosuez and Nordea. 
Banks were invited to join the facility as Arrangers (EUR 150 
million), Senior Lead Managers (EUR 75 million) and Lead 
Managers (EUR 50 million). The other banks joining the syndicate 

Arrangers: Bank of America N.A, BNP Paribas, Citibank 
International plc, Commerzbank AG, Danske Bank, Dresdner 
Kleinwort Wasserstein, ING Group, Handelsbanken, JP Morgan Chase 
Bank, Skandinaviska Enskilda Banken AB, The Bank of Tokyo-
Mitsubishi Ltd and UBS Warburg.

Senior Lead Managers: KBC Bank NV and Okobank Osuuspankkien 
Keskuspankki Oyj.

Lead Managers: Merrill Lynch Capital Markets Bank Ltd, Morgan 
Stanley and Sampo Bank plc.

This transaction significantly reduces the number of Stora 
Enso's banking relationships, but at the same time strengthens 
and develops the relationships with the above core banks.

For further information, please contact:

Esko Mäkeläinen, Chief Financial Officer, tel. +44 208 432 1540
Hannu Kasurinen, Senior Vice President, Group Treasurer, 
tel. +32 477 69 70 71
Kari Vainio, Executive Vice President, Corporate Communications, 
tel. +44 7799 348 197
Keith Russell, Senior Vice President, Investor Relations, 
tel. +44 208 432 1552


p.p.	Jussi Siitonen		Pauli Mäkimaa