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17 Jan 2017

Smurfit Kappa Announces the Launch of a Senior Notes Offering

Smurfit Kappa Group plc today announces an offering by one of its wholly-owned subsidiaries, Smurfit Kappa Acquisitions Unlimited Company, of €500 million of euro denominated senior notes due 2024.

The Group intends to use the proceeds from the offering to repay existing indebtedness, including using approximately €260 million to reduce borrowings under the term loan facilities under the Senior Facilities Agreement and €220 million to repay borrowings under the Group’s existing securitisation facilities. Any remaining proceeds will be used for general corporate purposes.

In addition, the Group has obtained commitments to increase the revolving facility under its Senior Facilities Agreement by up to €220 million and intends to utilise the additional capacity from time to time for general corporate purposes, including refinancing existing indebtedness. These commitments are conditional on the completion of the notes offering.

The notes are being offered in a private placement and there will be no public offering of the notes. The notes will be offered and sold only to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended (the “U.S. Securities Act”).