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Published on 6/25/2018 in the Prospect News High Yield Daily.

New Issue: Smurfit Kappa prices upsized €600 million 7.5-year bullet at par to yield 2 7/8%

By Paul A. Harris

Portland, Ore., June 25 – Smurfit Kappa Group plc priced an upsized €600 million issue of 7.5-year senior bullet notes (Ba1/BB+/BB+) at par to yield 2 7/8% in a quick-to-market Monday trade, according to a market source.

The deal was increased from €500 million and the yield printed in the middle of the 2¾% to 3% yield talk.

Citigroup and NatWest were the global coordinators. Credit Agricole, Danske Bank and HSBC were the bookrunners.

The Dublin-based packaging company plans to use the proceeds to fund the acquisition of Reparenco Holding BV by SKG, with any remaining proceeds to be used for general corporate purposes which may include debt repayment.

Issuer:Smurfit Kappa Acquisitions Unlimited Co.
Amount:€600 million, increased from €500 million
Maturity:Jan. 15, 2026
Securities:Senior notes
Global coordinators:Citigroup (bill and deliver), NatWest
Bookrunners:Credit Agricole, Danske Bank, HSBC
Coupon:2 7/8%
Price:Par
Yield:2 7/8%
Spread:287 bps
Call protection:Non-callable
Trade date:June 25
Ratings:Moody's: Ba1
S&P: BB+
Fitch: BB+
Distribution:Regulation S only
Price talk:2¾% to 3%
Marketing:Quick to market

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