Refinancing risks and liquidity
At December 31st 2011, the financial liabilities amounted to SEK 37,275m. After additions for net provisions for pensions, cash and cash equivalents, interest-bearing receivables and capital-investment shares, the net debt was SEK 36,648m.
SCA’s financing is partly secured through committed bank credit facilities. With these as protection against refinancing risks, SCA uses short-term borrowing under market programs.
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 or credit ratings.
As per December 31st 2011, unutilized bank credit facilities amounted to SEK 21,016m. In addition, cash and cash equivalents amounted to SEK 2,752m.
Bank credit facilities
At December 31st 2011, SCA has two syndicated bank facilities: EUR 1,000m (SEK 8,938m) with a final due date in 2014 and EUR 1,000m (SEK 8,938m) with a final due date in 2016. Furthermore, SCA has bilaterally committed credit facilities with banks with a total value of SEK 3,139m of which SEK 2,500m in 2013.
 Contact Carl-Axel Olson, Senior Vice President, Group Treasurer (direct: +46 8-788 51 31, )
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