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Conyers advises on series of high-yield debt offerings by Smurfit Kappa Group plc – September 2012

September 2012

Conyers Dill & Pearman advised a consortium of leading financial institutions as purchasers in connection with a series of high-yield senior secured debt offerings issued by Smurfit Kappa Acquisitions, a wholly-owned subsidiary of Smurfit Kappa Group plc, a world leader in paper-based packaging products.

€200 million of senior secured notes due 2018, US$300 million of senior secured notes due 2018 and €250 million of senior secured notes due 2020 were issued in September 2012, the proceeds of which are to be used to repay certain indebtedness of the Group, thereby extending the maturity profile of its debt.

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.

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.



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