Bye-bye leveraged: shift to unsecured sees Smurfit join the corporate ranks
Irish paper firm Smurfit Kappa has shifted its debt structure from being secured to being unsecured, in a move that reflects the company's transition out of the leveraged world and into the more traditional corporate sector.
The company has refinanced its outstanding senior secured credit line with a new €1.375bn five year unsecured bank loan, while also releasing the collateral securing its obligations under its other senior notes and debentures to make them unsecured.
The new five year unsecured credit facility is made up
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