Sappi Limited announced today the closing of the offering of €350 million 4% senior secured notes due 2023 by its subsidiary Sappi Papier Holding GmbH ("SPH"). The net proceeds from this offering will be used to redeem all of SPH's outstanding US$350 million senior secured notes due 2021 (the "2021 Notes").
With the completion of these refinancing transactions, Sappi has now raised funds sufficient to pay the redemption price of, and accrued interest and any additional amounts payable on, SPH's outstanding 2021 Notes. As such, the Refinancing Condition stated in the notice of redemption issued on March 14, 2016 to holders of the 2021 Notes has been satisfied, and the redemption of the 2021 Notes will proceed as previously described in such notice.
www.sappi.com
