Statement re 5 year Trade Receivables Securitisation Programme
22 Novembre 2010 - 8:00AM
UK Regulatory
TIDMSKG
Smurfit Kappa successfully completes 5 year Trade Receivables
Securitisation Programme
SKG.I SKG.L
Smurfit Kappa Group plc ('SKG' or the 'Group') today announces
that it has successfully completed a EUR250 million five year trade
receivables securitisation programme. Proceeds will be used to
refinance the Group's existing EUR210 million securitisation
programme which has a September 2011 maturity and to repay a
portion of its bank debt when fully drawn.
Following significant net debt reduction of EUR168 million in
the third quarter of 2010, and a reduction of its net debt to
EBITDA ratio to 3.7x at the end of September, the Group's new
securitisation programme extends its debt maturity profile to 5.4
years at a very competitive cost, thereby further strengthening its
debt capital structure. SKG has no material debt maturity before
December 2013, over three years away.
Ian Curley, Smurfit Kappa Group CFO, commented: "We are pleased
to have successfully completed this 5 year securitisation
programme, which highlights our proactive debt capital structure
management. This transaction extends our long-term debt maturity
profile and contributes to the diversity of our funding sources,
thereby further enhancing our overall financial flexibility. The
Group's financial priority continues to be debt reduction and
de-leveraging."
About Smurfit Kappa Group
Smurfit Kappa Group is a world leader in paper-based packaging
with operations in Europe and Latin America. Smurfit Kappa Group
operates in 21 countries in Europe and is the European leader in
containerboard, solidboard, corrugated and solidboard packaging and
has a key position in several other packaging and paper market
segments, including graphicboard and sack paper. Smurfit Kappa
Group also has a good base in Eastern Europe and operates in 9
countries in Latin America where it is the only pan-regional
operator.
Contacts
Bertrand Paulet FD K Capital Source
Smurfit Kappa Group
Tel: +353 1 202 71 80 Tel: +353 1 663 36 80
E-mail: ir@smurfitkappa.com E-mail: smurfitkappa@kcapitalsource.com
Smurfit Kappa (LSE:SKG)
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