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Smurfit issue E500m in debt note

Wednesday, May 28 14:12:30

Paper and packaging giant, Smurfit Kappa Group, today said that they will issue a senior note offering of E500 million due 2021.

The proceeds from this issue combined with existing cash resources will be used to refinance the existing E500 million senior note which matures in 2019, according to Davy Stockbrokers.

The note is being offered in a private placement and there will be no public offering.

Earlier this month, the packaging group reported strong growth in its first quarter earnings on the back of a strong performance in its Americas business.

Earnings before interest, tax depreciation and amortisation climbed by 12 per cent to E269 million, while operating profits rose by 21 per cent to E169 million. Revenues rose by 2 per cent to E1.9 billion.

The company said the strong results also reflected price improvements in its European packaging operations, with European box prices up two per cent.