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.
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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