Chicago, Sept. 21 – Smurfit Kappa Treasury Unlimited Co. sold €1 billion of green notes in a two-part offering (Baa3/BBB-/BBB-), according to details provided by a market source.
The company offered €500 million of 0.5% eight-year notes at 99.851 to yield 0.519%, or at a spread of mid-swaps plus 60 basis points.
Smurfit Kappa also sold €500 million of 1% 12-year notes at 99.865 to yield 1.012%, or at a spread of mid-swaps plus 85 bps.
Both tranches have an optional call with a make-whole premium. The premium is based on Bunds plus 15 bps for the eight-year notes and Bunds plus 20 bps for the 12-year notes. Both series are callable at par three months before their maturity dates.
The notes will be guaranteed by Smurfit Kappa Group plc, Smurfit Kappa Holdings Ltd., Smurfit Kappa Investments Ltd., Smurfit Kappa Acquisitions Unlimited Co., Smurfit Kappa Treasury Funding DAC and Smurfit International BV.
Proceeds will be used to finance or refinance a portfolio of eligible green projects in accordance with the company’s green finance framework.
The joint green structuring advisers are ING and Rabobank.
Active bookrunners are BNP Paribas, Citigroup (bill and deliver), ING and Rabobank.
Smurfit Kappa is a Dublin-based packaging company.
| Issuer: | Smurfit Kappa Treasury Unlimited Co.
|
| Guarantors: | Smurfit Kappa Group plc, Smurfit Kappa Holdings Ltd., Smurfit Kappa Investments Ltd., Smurfit Kappa Acquisitions Unlimited Co., Smurfit Kappa Treasury Funding DAC and Smurfit International BV
|
| Issue: | Green notes
|
| Amount: | €1 billion
|
| Bookrunners: | BNP Paribas, Citigroup (bill and deliver), ING and Rabobank
|
| Green advisers: | ING and Rabobank
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Eight-year notes
|
| Amount: | €500 million
|
| Maturity: | Sept. 22, 2029
|
| Coupon: | 0.5%
|
| Price: | 99.851
|
| Yield: | 0.519%
|
| Spread: | Mid-swaps plus 60 bps
|
| Call features: | Make-whole call at Bunds plus 15 bps until three months before maturity; thereafter at par
|
| Change of control put: | Yes
|
| ISIN: | XS2388182573
|
|
|
| 12-year notes
|
| Amount: | €500 million
|
| Maturity: | Sept. 22, 2033
|
| Coupon: | 1%
|
| Price: | 99.86
|
| Yield: | 1.012%
|
| Spread: | Mid-swaps plus 85 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps until three months before maturity; thereafter at par
|
| Change of control put: | Yes
|
| ISIN: | XS2388183381
|
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