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