Smurfit International has completed the syndication of an 800 million euro five year revolving credit facility.
Lead-arranged by BNP Paribas, Deutsche Bank and JP Morgan, the syndication was significantly oversubscribed and it was decided to increase it from 600 million euro to 800 million.
The new facility will be used to refinance the existing 4 billion franc syndicated loan and is the Group's main banking facility. Smurfit International is a wholly owned subsidiary of Jefferson Smurfit Group.
Co-arrangers included AIB Capital Markets, Bank of Ireland International Finance, Merrill Lynch International and the Royal Bank of Scotland.
Commenting on the completion of the syndication, Ian Curley, Smurfit's Chief Financial Officer, said: 'The success of the transaction underlines the market's confidence in Jefferson Smurfit Group, its management and its strategy and further enhances the Group's existing financial flexibility'.
'We are delighted with the support that we have received from our relationship banks. The lenders under this facility comprise our core banking group. The quality and strength of the banking group is such that we expect it to be able to supply the majority of our banking services going forward', he added.
