South Africa’s Sappi postpones €250 million notes offering

By Paul A. Harris

Portland, Ore., May 15 – Sappi Papier Holding GmbH announced in a Friday press release that it has decided not to proceed with a proposed offering of €250 million of five-year senior notes at this time due to unsatisfactory market conditions.

“Sappi has a long history of prudent and proactive balance sheet management,” the Johannesburg-based coated paper manufacturer stated in the Friday release.

“Consistent with that and in light of the strong liquidity position it already has, the company is in a position to be flexible and proactive about its approach to bond markets.”

The company had planned to use the proceeds for general corporate purposes.

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