Smurfit Kappa subsidiaries to tender for 11½% PIK notes, 9 5/8% notes

By Angela McDaniels

Seattle, Feb. 14 - Smurfit Kappa plc said some of its subsidiaries will hold tender offers for all of their 11½% senior pay-in-kind notes due 2015 and a portion of their 9 5/8% senior notes due 2012.

The companies will fund the tender offers with a portion of the proceeds from Smurfit Kappa's €1.3 billion primary offering of new shares, according to a company news release.

JSG Holdings plc issued €325 million of the 11½% notes in January 2005. Jefferson Smurfit plc issued $545 million of the 9 5/8% notes in September 2002, and indirect parent company MDP Acquisitions plc priced a $205 million add-on in February 2003.

Further details will be released when the tender offers are launched, according to the release.

Smurfit Kappa is a Dublin, Ireland-based producer of paper-based packaging.

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