Sappi Limited recently announced the offering of US$680 million, in euros and dollars, equivalent aggregate principal amount of senior secured notes to be issued in two series due 2018 and 2021, respectively, in an offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"). The notes will be issued by Sappi Papier Holding GmbH (the "issuer"), a subsidiary of Sappi Limited.
The net proceeds of the offering are expected to be used (a) to redeem the remaining outstanding amount of the issuer’s 6.75% Guaranteed Notes due 2012 and (b) to repay approximately €200 million of the outstanding borrowings under our OeKB Term Loan Facility.
