Sappi sells $120m convertible, first since 1995

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By Aidan Gregory
18 Nov 2020

South African pulp and paper company Sappi has tapped the equity-linked market for financing with a new five-year R1.8bn ($120m) convertible bond.

The bond offering by Sappi’s South African entity was launched early on Wednesday morning, following a wall-crossing exercise. The books were covered within a couple of hours of launch.

Sappi is rated BB-, with a stable outlook, by S&P.

It is the first convertible bond issued by a ...

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