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Conyers advises on EUR1 billion senior secured notes offering by listed global paper-based packaging company, Smurfit Kappa Group plc – November 2009

November 2009 Sheba Raza

Conyers Dill & Pearman advised a consortium of leading financial institutions as purchasers in connection with an offering of EUR1 billion senior secured notes to be issued by Smurfit Kappa Acquisitions, a wholly-owned subsidiary of Smurfit Kappa Group plc, a world leader in paper-based packaging products.

Conyers advised on Bermuda law aspects of the notes documentation and the related security package, working alongside Cravath, Swaine & Moore LLP who advised on the US law aspects of the transaction. Conyers also worked closely with White & Case LLP who advised on the English law aspects of the transaction and with local counsel in Gibraltar and Venezuela. The notes were offered by way of a private placement and the net proceeds of the offering were used to repay a portion of the group’s outstanding senior loan facilities (on which Conyers and White & Case LLP previously advised during 2005-2009), thereby extending the maturity profile of its debt.

With a multi-jurisdictional presence in Bermuda, BVI, Cayman and London, Conyers has advised on a large number of financing transactions this year.

Smurfit Kappa Group, whose shares are listed on both the London and Irish stock exchanges, is a world leader in paper-based packaging with operations in Europe and Latin America. Smurfit Kappa Group operates in 21 countries throughout Europe and is the European leader in containerboard, solid board, corrugated and solid board packaging. The company has a key position in several other packaging and paper market segments including graphic board, sack paper and paper sacks and is also a market leader in Latin America with operations in nine countries across the region.


Sheba Raza

London   +44 (0)20 7562 0346


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