Sappi signs new revolver, term loan

Banks signed into a refinancing for South African paper company Sappi last week, after the borrower completed a blowout $800m high yield bond issue in July. Sappi now has a new Eu209m revolver, as well as a Eu400m five year term loan.

  • 01 Sep 2009

The revolver, led by Citi, JP Morgan, Royal Bank of Scotland and UniCredit, was reduced from a target of Eu400m following the bond issue. The term loan, meanwhile, was provided by Austria’s OeKB, although it was then sold on to other lenders through UniCredit (Bank Austria).

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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1 Citi 82,406.77 239 12.85%
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