Lenders to packaging firm Smurfit Kappa have agreed to extend their revolving credit facilities on loans totalling €600 million.
The Dublin-based firm said lenders providing more than 98 per cent of its senior credit facility will allow Smurfit to raise longer-dated financing to refinance a portion of its existing bank facilities.
Lenders holding 75 per cent of the group’s revolving credit facility (RFC) elected to extend commitments by one year. The €600 million RFC maturing in December 2012 has been converted into two tranches totalling €525 million, of which €152 million matures in December 2012 and €373 million in December 2013. “We are pleased to have completed the amendments to our Senior Credit Facility within the expected timeframe and costs, said Smurfit chief executive Ian Curley.
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