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.

  • By Nina Flitman
  • 25 Jul 2013

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 20.86%
2 SG Corporate & Investment Banking 1,292.64 1 17.91%
2 Rabobank 1,292.64 1 17.91%
4 Wells Fargo Securities 760.56 2 10.54%
5 BNP Paribas 598.25 2 8.29%