Stockmann plc has agreed on the refinancing of its long-term loans. Bilateral agreements with six banks have been signed for credit facilities of EUR 700 million.
The facilities replace the existing loans of EUR 650 million. The new credit facilities will mature in February 2019. The refinancing is not expected to have a significant effect on the Stockmann Group’s financial costs.
Stockmann, established in 1862, is a Finnish listed company engaged in the retail trade. It has almost 60 000 shareholders and about 15 000 employees. The Group's revenue in 2012 was EUR 2 116 million.
Stockmann's two divisions are the Department Store Division (Stockmann department Stores, Hobby Hall, Academic Bookstore, Stockmann Beauty and the Nevsky Centre shopping centre in St Peterburg) and the Fashion Chain Division (Lindex and Seppälä). The divisions operate in sixteen countries.