Sappi Papier launches upsized €400 million seven-year notes with yield of 3 5/8%; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 10 – Sappi Papier Holding GmbH launched an upsized €400 million offering of seven-year senior notes (Ba2/BB-) to yield 3 5/8%, according to a market source.

The deal, which is upsized from €350 million, launched inside of yield talk in the 3 7/8% area and is set to price on Wednesday. It had initially been guided to come with a yield in the 4% area.

Joint global coordinator and physical bookrunner Citigroup will bill and deliver. Credit Agricole CIB, ING and UniCredit are also joint global coordinators and joint physical bookrunners.

Erste Group, JPMorgan, KBC, NatWest, RBI and Standard Chartered are joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Austria-based paper and pulp producer plans to use the proceeds to redeem is existing €350 million of notes due April 2023.

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