(Alliance News) - Smurfit Kappa Group PLC subsidiary, Smurfit Kappa Acquisitions Unlimited Co, said Monday it has successfully completed a EUR750 million offering.
The euro-denominated senior notes, due 2027, were priced at par with a coupon of 1.50%.
The paper-based packaging firm will use the proceeds from the offering to redeem in full the senior floating rate notes due 2020 and the 3.25% senior notes due 2021.
Paul Regan, Smurfit Kappa Group Treasurer: "We are pleased to announce the completion of our upsized EUR750 million senior notes offering at a record low coupon of 1.50% for the group.
"Given the strength of institutional demand, we increased the offering from our initial target size of EUR500 million. This transaction, which demonstrates the strong credit profile of the group, further reduces our interest cost and extends our debt maturity profile."
Shares in Smurfit Kappa closed 2.0% lower in London on Monday at 2,606.00 pence each.
Smurfit Kappa (SKG)