South Africa-based Sappi sets roadshow for €350 million secured notes

By Paul A. Harris

Portland, Ore., March 14 – Sappi Ltd. plans to market a €350 million offering of seven-year senior secured notes (expected ratings Ba2/BB-) on Tuesday and Wednesday, according to market sources.

Global coordinator Citigroup will bill and deliver for the Rule 144A and Regulation S offering. Credit Agricole CIB and JPMorgan are also global coordinators. Erste, KBC, Royal Bank of Scotland, Standard Chartered Bank and UniCredit are joint bookrunners.

The notes feature a make-whole call for three years, then become callable at a premium. They also feature a three-year 35% equity clawback.

The Johannesburg, South Africa-based coated paper manufacturer plans to use the proceeds to refinance $350 million of 6 5/8% notes due April 2021.

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