Sappi sells $120m convertible, first since 1995
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 ...