30th Jan 2019 18:07
LONDON (Alliance News) - Smurfit Kappa Group PLC said late Wednesday it has priced its euro denominated 2.875% senior notes due 2026 at EUR400 million, a EUR100 million increase on previous expectations.
The offering in subsidiary Smurfit Kappa Acquisitions Unlimited Co were priced at EUR300 million Wednesday morning but the packaging company said it was able to "successfully upsize" the pricing.
The notes are being offered in a private placement and will not be available in a public offering.
Earlier Wednesday, the FTSE 100-listed group said it intends to use the proceeds to repay borrowings under its securitisation facilities, with the remaining funds going towards fees and expenses related to the offering.
Shares in Smurfit Kappa closed up 2.8% Wednesday at 2,322.00 pence each.
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SKG.L