JEFFERSON Smurfit Group has launched a new three billion French franc (£375 million) multi currency loan package, with the proceeds being used to refinance existing loans at lower cost.

Smurfit is raising the funds through Smurfit International, the subsidiary used for Smurfit's activities in Europe including £800 million worth of acquisitions in France, Austria and Sweden in the past two years.

The three billion franc package is being syndicated through Chemical Bank and will carry an interest rate of 0.225 of a percentage point over money market rates for the first five years and 0.275 of a percentage point for the remainder.

Meanwhile, Smurfit's Dublin broker, Davy, has revised its forecasts for the group following the recent fourth quarter results from Smurfit's US associate, JS Corp. The 1995 profit forecast is unchanged at £420 million but Davy has reduced the 1996 forecast from £345 million to £340 million. The profit forecast for 1997 is £260 million.