SanomaWSOY to start a Belgian commercial paper program
SanomaWSOY Corporation will issue Commercial Papers in Belgium. The arranger and dealer of the program is ING Belgium SA/NV and the size of the program is EUR 200 million.
The objective of the program is to diversify and internationalise SanomaWSOY's funding base. As a result of the program, current bank loans can be replaced by cheaper short-term financing. The program will not increase SanomaWSOY's total debt.
The notes will not be listed. The program is subject to Belgian legislation.
Sanoma Magazines Belgium, a part of SanomaWSOY's magazine division Sanoma Magazines, is the largest magazine publisher of the country and the Group is well known in Belgium. The Belgian commercial paper market resembles the corresponding Finnish market and well known, solid issuers do not necessarily need a rating.