Guaranteed US$ 750 Million Bond Offering by Sappi Papier Holding AG
Press release from the issuing company
JOHANNESBURG, South Africa--June 6, 2002--Sappi Limited, a global coated fine paper manufacturer, announced today that it has guaranteed a US$ 750 million bond offering by its subsidiary, Sappi Papier Holding AG.
The issue is a two-tranche offering of US$ 500 million 10-year and US$ 250 million 30-year. The bonds carry fixed coupons of 6.75% for the 10-year tranche and 7.50% for the 30-year tranche, equating to spreads of 175 and 195 basis points, respectively, over the relevant US Treasury bonds. The proceeds will be used to repay existing shorter term debt.
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