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Sappi in $300m offering

Paper and pulp group Sappi Limited (SAP) on Wednesday announced the offering of US$300 million aggregate principal amount of senior secured notes due 2017.

The offering is exempt from the registration requirements of the US Securities Act.

The notes will be issued by Sappi Papier Holding GmbH‚ a subsidiary of Sappi Limited.

The net proceeds from this offering‚ together with cash on hand‚ will be used to refinance US$300 million equivalent in aggregate principal amount of senior secured notes due 2014‚ issued by PE Paper Escrow GmbH‚ another subsidiary of Sappi Limited. - I-Net Bridge

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