Packaging firm Smurfit Kappa is seeking to extend the terms of its debts with a number of senior creditors.
In a statement today the company said it was looking to raise longer-term capital to refinance part of its existing senior facilities and to extend the maturity of its revolving credit facility.
These amendments would “significantly enhance” the company’s financial flexibility, Smurfit Kappa said, adding that its financial priority was to maximise free cashflow generation.
When the company published its annual results last month it said it had more than €700 million cash and €600 million in unused credit lines with no significant refinancing due before December 2013.
At 1.20pm the company’s stock was ahead 1 per cent at €3.97 giving it a market capitalisation of €865 million.