Smurfit slashes interest with €500m bond
Irish packaging business Smurfit Kappa priced €500m of senior notes to yield 3.25% on Wednesday, as it took advantage of improved performance and credit ratings to reduce its interest payments by redeeming bonds with a 7.75% coupon.
JP Morgan and Citi (billing and delivering) were global co-ordinators. Crédit Agricole, Danske Bank, HSBC and Royal Bank of Scotland were bookrunners.
Smurfit’s annual cash interest on the new notes will be €23m lower than on the 2019 notes that it is redeeming.The new seven year bond ...