Smurfit Kappa begins tender offer for 9 5/8%, 10 1/8%, 11½% notes

By Jennifer Chiou

New York, Feb. 16 - Smurfit Kappa Funding plc (formerly JSG Funding plc) began a cash tender offer for up to $470 million of its $750 million 9 5/8% senior notes due 2012 and up to €219 million of its €350 million 10 1/8% senior notes due 2012, according to a 6-K filing with the Securities and Exchange Commission.

The Dublin, Ireland-based producer of paper-based packaging said that it will accept notes tendered in excess of the specified amounts on a pro rata basis.

In addition, Smurfit Kappa Holdings plc began a tender offer for any and all of its 11½% senior pay-in-kind notes due 2015.

For each $1,000 or €1,000 principal amount of notes, the company said it will pay $1,048.13 for the 9 5/8% notes and €1,050.63 for the 10 1/8% notes. The payouts include a $20.00 or €20.00 early tender payment for noteholders who tender by noon ET on March 1.

The payout for the 11½% notes was not disclosed.

The offers end at 1 p.m. ET on March 16. They are conditioned upon, among other things, sufficient financing.

Deutsche Bank AG, London Branch is the dealer manager (44 20 7545 8011). D.F. King & Co., Inc. is the information agent (800 859-8511 or call collect 212 269-5550).

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