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SAP
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SAP - Sappi Limited - Media Release - Sappi signs Euro360 million global trade
receivables securitisation programme
Sappi Limited
(Registration number 1936/008963/06)
(Incorporated in the Republic of South Africa)
Share code: SAP ISIN: ZAE000006284); NYSE code SPP
("Sappi" or the "Company")
Media Release
Johannesburg
Sappi signs Euro360 million Global Trade Receivables Securitisation Programme
25 August 2011
Sappi Limited today announced the successful implementation of a three year
Euro360 million 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 Euro350 million 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."
ENDS
For further information contact:
Robert Hope Andre F Oberholzer
Group Head Strategic Development Group Head Corporate Affairs
Sappi Limited Sappi Limited
Tel +27 (0) 11 407 8492 Tel +27 (0) 11 407 8044
Robert.Hope@sappi.com Mobile +27 (0) 83 235 2973
Andre.Oberholzer@sappi.com
Graeme Wild
Group Investor Relations Manager
Sappi Limited
Tel +27 11 407 8391
Mobile +27 (0) 83 320 8624
Graeme.Wild@sappi.com
Date: 25/08/2011 16:21:13 Produced by the JSE SENS Department.
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