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Smurfit Kappa to align several note series with 2 3/8%, 2¾% notes
By Susanna Moon
Chicago, Feb. 13 – Smurfit Kappa Group plc said it is asking for consents to align several series of notes with those of its 2 3/8% senior notes due 2024 and 2¾% senior notes due 2025.
The consent solicitation will run until 11 a.m. ET on Feb. 22.
Smurfit Kappa is asking for consents to amend its 4 7/8% senior notes due 2018, 5 1/8% senior notes due 2018, floating-rate senior notes due 2020, 4 1/8% senior notes due 2020 and 3¼% senior notes due 2021, according to a company announcement.
The proposed amendment for each series of notes requires consent from holders of a majority of the outstanding notes.
The company said it is looking to amend the note indentures so that it can satisfy all of its reporting obligations by making available the annual reports, information, documents and other reports that it is required to file or publish under the exchange rules.
If the required consents are obtained, the issuer plans to provide to the trustee and the noteholders an annual report within 120 days after the end of its fiscal year, a semiannual report within 60 days of each half-year-end and a trading update twice a year following the end of each of the first and third quarters, the release said.
Holders who deliver consents will receive a one-time cash payment of €2.50 for each €1,000 principal amount of euro-denominated notes and $2.50 for each $1,000 principal amount of dollar-denominated notes on Feb. 27 if the conditions to the solicitation are met.
Citigroup (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) is solicitation agent. Lucid Issuer Services Ltd. (+44 20 7704 0880 or by e-mail to smurfit@lucid-is.com) is information agent.
The 2 3/8% senior notes due 2024 were issued on Jan. 24, 2017, and the 2¾% senior notes due 2025 were issued on Feb. 16, 2015.
Smurfit Kappa is a Dublin-based corrugated packaging company.
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