28th May 2014 09:58
LONDON (Alliance News) - Smurfit Kappa Group PLC Wednesday said one of its subsidiaries is offering EUR500.0 million of euro-denominated senior notes due 2021, with the net proceeds to be used alongside existing cash reserves to redeem all of its existing EUR500 million 7.75% senior notes due 2019.
In a statement, the packaging manufacturer said the proceeds of the offering will also go towards paying certain fees and expenses related to the offering and costs related to the redemption.
The notes are being offered in a private placement and there will be no public offering of the notes.
Smurfit Kappa's existing EUR500 million 7.75% senior notes due 2019 were issued by Smurfit Kappa Acquisitions on November 19, 2009.
Smurfit Kappa shares were Wednesday quoted at EUR17.49, up 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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