By Mary-Katherine Stinson and Crystal Cody
Lexington, Ky., March 27 – Smurfit Kappa Group plc priced a three-tranche Rule 144A and Regulation S offering of green notes (Baa3/BBB-) totaling $2.75 billion, according to a market source.
The company sold $750 million of 5.2% notes due 2030 at Treasuries plus 100 basis points after price talk in the Treasuries plus 125 bps area.
Smurfit also sold $1 billion of 5.438% notes due 2034 at a spread of 120 bps over Treasuries. Price talk was in the Treasuries plus 145 bps area.
Finally, a $1 billion tranche of 5.777% notes due 2054 sold at Treasuries plus 137.5 bps as compared with price talk in the Treasuries plus 165 bps area.
The company started fixed income investor calls along with a roadshow presentation that included a preliminary prospectus supplement on Monday.
BNP Paribas, Citigroup, ING and Rabo are the bookrunners.
The notes were issued via Smurfit Kappa Treasury Unlimited Co.
Smurfit Kappa is a Dublin-based provider of paper-based packaging solutions.
| Issuer: | Smurfit Kappa Treasury Unlimited Co.
|
| Amount: | $2.75 billion
|
| Issue: | Green notes
|
| Bookrunners: | BNP Paribas, Citigroup, ING and Rabo
|
| Pricing date: | March 26
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2030 notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 15, 2030
|
| Coupon: | 5.2%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 125 bps area
|
|
|
| 2034 notes
|
| Amount: | $1 billion
|
| Maturity: | April 3, 2034
|
| Coupon: | 5.438%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
| 2054 notes
|
| Amount: | $1 billion
|
| Maturity: | April 3, 2054
|
| Coupon: | 5.777%
|
| Spread: | Treasuries plus 137.5 bps
|
| Price talk: | Treasuries plus 165 bps area
|
|
|
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