Packaging giant Smurfit Kappa has secured a deal with some of its biggest lenders to ease the terms of its credit deals, which will put it on a sounder financial footing.
The company said the initiatives form part of an ongoing process of effective capital management.
'The proposed amendments provide SKG with significantly enhanced financial flexibility, to focus on delivering industry leading operating performance and maximising free cash flow generation for continued net debt reduction,' commented the company's chief financial officer Ian Curley.
Smurfit Kappa said it still has a strong liquidity position with over €700m of cash on its balance sheet, commited credit facilities of about €600m and no major debt refinancing requirements until the end of 2013.
Smurfit Kappa shares closed up 14 cent at €4.07 in Dublin.
