Paper and packaging giant Smurfit Kappa has completed a €400 million debt issuance due for repayment in 2026.
The Dublin-headquartered company sold the bonds to refinance some existing facilities and they were priced to carry a market interest rate, or yield, of 2.756 per cent.
The bond sale follows on from Smurfit Kappa signing an unsecured €1.35 billion revolving credit line with 21 of its relationship banks, which will refinance an existing facility that matures in March next year.
"We are very pleased to have completed this upsized notes offering which reflects the strong support of our investors for the group and our strategic direction," said group treasurer Paul Regan.
“The closing of this transaction follows the announcement last week of the signing of our new €1.35 billion revolving credit facility and is part of our proactive financing strategy to reduce the cost and extend the term of our debt facilities while increasing the flexibility of our capital structure,” he added.
