JOHANNESBURG, Aug. 25, 2011 /PRNewswire/ -- Sappi Limited today announced the successful implementation of a three year 360 million euro Trade Receivables Securitisation Programme for its non-South African businesses. The programme is arranged by UniCredit Bank AG and funded via its Arabella Finance Limited conduit programme. The proceeds have been used to refinance the group's existing short-term securitisation programme which was due to mature in December 2011.
Following a successful US$680 million multi-currency Senior Secured Notes Offering and an extension and increase of its 350 million euro Revolving Credit Facility earlier this year, the group's new securitisation programme further extends its debt maturity profile at a very competitive cost.
Mark Thompson, Sappi's Chief Financial Officer, commented: "We are pleased to have successfully completed this three year securitisation programme, effectively terming out our existing short-term programme. The transaction highlights our continued proactive approach to managing our debt capital structure and contributes to the diversity of our funding sources, thereby further enhancing our overall financial flexibility."
SOURCE Sappi Limited