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Smurfit Kappa to repay debt via notes, gets commitments to up revolver
By Tali Rackner
Norfolk, Va., Jan. 17 – Smurfit Kappa Group plc plans to repay existing debt using the proceeds from a new offering of €500 million senior notes due 2024 by Smurfit Kappa Acquisitions Unltd. Co., according to a press release.
Specifically, the company will use about €260 million to reduce borrowings under the term loan facilities under its senior facilities agreement and €220 million to repay borrowings under its existing securitization facilities.
Remaining proceeds will be used for general corporate purposes.
In addition, Smurfit Kappa obtained commitments to increase the revolving facility under its senior facilities agreement by up to €220 million.
The additional funds will be used for general corporate purposes, including to refinance existing debt from time to time. These commitments are conditional on the completion of the notes offering.
Smurfit Kappa is a Dublin-based corrugated packaging company.
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