Liability management may not be driving quite as many capital market transactions as it did a couple of years ago, but it certainly has not gone away and techniques continue to evolve. In a new twist to the traditional exchange offer, Stora Enso managed to reduce its US reporting burden at the same time as extending its debt maturity profile.
The Finland-based company is the world’s largest producer of paper and board. That has been a mixed blessing of late because the sector as a whole has been passing through a difficult phase.
