The SCA Group's financial risk management is centralized to capitalize on economies of scale and synergy effects and to minimize operational risks.

The central treasury function is responsible for the Group's borrowing, liquidity management, currency and interest rate risk management, and serves as an internal bank for the Group's financial transactions. In addition to ensuring that the SCA Group has secure financing, financial transactions are conducted with the aim of limiting the Group's financial risks.

SCA financial reports

Funding and debt programmes

SCA’s funding is based on committed credit facilities with the bank group, bilateral loans from European Investment Bank, Nordic Investment Bank, Swedish Export Credit Corporation, commercial banks and through public programmes. All financial transactions are conducted within the approved mandates of the Board of Directors.

To ensure good access to financing at attractive terms, SCA has a clear objective to maintain an investment grade rating. SCA’s policy is that loan documentation should not contain clauses that entitle the lenders to terminate the loans or change coupon rates when changes occur in SCA’s financial key ratios. SCA’s current debt, maturity profile, frames and limits are shown in the following summary, SCA’s Debt 31st of March 2021.

SCA’s policy is that loan documentation should not contain clauses that entitle the lenders to terminate the loans or change coupon rates when changes occur in SCA’s financial key ratios. SCA’s current debt, maturity profile, frames and limits are shown in the following summary, SCA’s Debt 30th of September 2021.

Sustainable finance

SCA’s financing activities are to a large  extent linked to or based on SCA’s sustainability efforts and the transition towards a fossil-free and circular society. So far SCA’s financing includes various bilateral loans based on SCA’s sustainable investments or assets, and also credit facilities with links to SCA’s sustainability targets. In spring 2021 SCA established a green bond framework with the ambition to further diversify the green financing capabilities. The framework has a Second Party Opinion with a dark green shading from Cicero Shades of Green.  Below are links to the framework, the second opinion, and further information about SCA´s sustainability platform and the aligned targets.   

SCA Green Bond Framework

SCA Green Bond Second Opinion

SCA Green Bond Investor Presentation – June 2021

More about Sustainability at SCA

Bank credit facilities

SCA has two syndicated credit facilities: 5 billion SEK with a final due date in 2026 and 2 billion SEK with a final due date in 2025. Both of the facilities are since december 2020 linked to SCA’s sustainability targets.

Debt programmes

Some of SCA:s funding is conducted by issuing commercial paper programmes and bonds under the following public issues. 

MTN 2021 programme information (in Swedish)

MTN 2020 programme information (in Swedish)

Supplemental prospectus 2020-09-11 (in Swedish)

Final terms MTN 104 (in Swedish)

Final terms MTN 105 (in Swedish)

Final terms MTN 106 (in Swedish)

Final terms MTN 107 Green (in Swedish) 

Final terms MTN 108 Green (in Swedish)

Commercial paper programme information (in Swedish)

Type: MTN (Medium Term Note)
Issuer: Svenska Cellulosa Aktiebolaget SCA (publ)
Max amount: 8 billion SEK
Issuing institutions/dealers: Danske Bank, SEB, SHB, Swedbank
Issuing and Paying Agent: SHB

Type: Commercial Paper Swedish Programme
Issuer: Svenska Cellulosa Aktiebolaget SCA (publ)
Max amount: 5 billion SEK
Issuing institutions/dealers: Danske Bank, SEB, SHB, Swedbank
Issuing and Paying Agent: SHB

Outstanding public issues under the MTN-programme, sorted by maturity date

Loan number Nominal amount 
(MSEK)
Interest Transaction day Maturity day ISIN-code
104
300 Fixed interest  2020-09-23 2025-09-25 SE0013882560
105 1 000 Floating rate interest (FRN)   2020-09-23 2025-09-23 SE0013882578
106 1 200 Fixed interest  2020-09-23 2027-09-23 SE0013882586
107 Green 1 100 Floating rate interest (FRN)   2021-06-14 2028-06-21 SE0013102373
108 Green 400 Fixed interest  2021-06-17 2028-06-21 SE0013102381