By Christine Van Dusen
Atlanta, March 12 – Sappi Southern Africa (Pty.) Ltd. sold €450 million notes due 2022 (Ba2/BB) at par to yield 3 3/8% on Thursday, a market source said.
The notes were talked in the 3˝% area.
Credit Agricole, JPMorgan, UniCredit, Citigroup, Erste Group, KBC, RBS and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to refinance the company’s €250 million notes due in 2018 and $300 million in notes due 2019.
Sappi makes coated fine paper and is based in Johannesburg.
| Issuer: | Sappi Southern Africa (Pty.) Ltd.
|
| Amount: | €450 million
|
| Maturity: | 2022
|
| Description: | Notes
|
| Bookrunners: | Credit Agricole, JPMorgan, UniCredit, Citigroup, Erste Group, KBC, RBS and Standard Chartered Bank
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Trade date: | March 12
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3˝% area
|
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