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

January 2017

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 Unlimited Company, a wholly-owned subsidiary of Smurfit Kappa Group plc.

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.

€250million 2.75% Senior Notes due 2025 were issued in February 2015 and a further €500 million 2.375% Senior Notes due 2024 were issued in January 2017, in each case guaranteed by Smurfit Kappa subsidiaries across a number of jurisdictions, including Ireland, Belgium, Bermuda, Canada, Czech Republic, Denmark, England, France, Germany, Gibraltar, Italy, Mexico, Netherlands, Norway, Spain, Sweden and the US. The proceeds of the Notes were used to prepay existing indebtedness and to provide working capital for general corporate activities of the Smurfit Kappa group.

Conyers advised on Bermuda law aspects of the notes documentation working alongside Cravath, Swaine & Moore LLP who advised on the US law aspects of the transaction.



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