Tuesday, September 18 11:37:36
Fitch Ratings has assigned Smurfit Kappa Group's (SKG) prospective 2020 senior secured floating rate notes an expected rating of 'BB+(EXP)'.
The Irish packaging giant this morning said it is issuing a E200m note, the proceeds of which will be used to pay term loans.
The final rating is contingent on the receipt of final documents conforming to information already received, Fitch said.
The E200m anh another USD300m Smurfit Kappa Acquistions's notes' rating due 2018 has been confirmed at 'BB+', following the receipt of the final documentation.
SKG is refinancing part of its senior credit facility with the offering of a new E200m senior secured floating-rate bond, with an eight-year tenor. The new notes will be issued by the financial subsidiary Smurfit Kappa Acquisitons and will rank pari passu with the existing senior credit facility, senior secured notes (due in 2017, 2018 and 2019) and the US Yankee bond due in 2025, sharing the same guarantees and collateral.