Kappa Treasury ULC

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	MTRL	PRCD	-	Kappa Treasury ULC	€1,000		2	EMEA	Sep 15, 2021

Tranche #1Kappa Treasury ULC

currency

EUR

size (m)

500.000

maturity

Sep 22, 2029

type

Fixed

tenor

8.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa3

s&p

BBB-

fitch

BBB-

size description

re-open/tap

ipt

MS+95 a

ipt-pxd

guidance

MS+65 a

spread

coupon

0.50%

spread set

price

99.85100

yield

0.519%

book size (m)

3,300

peak book (m)

x-covered

6.6

book attrition

nic

-15

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,300

peak book (m)

x-covered

6.6

book attrition

nic

-15

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Kappa Treasury ULC

currency

EUR

size (m)

500.000

maturity

Sep 22, 2033

type

Fixed

tenor

12.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa3

s&p

BBB-

fitch

BBB-

size description

re-open/tap

ipt

MS+120 a

ipt-pxd

guidance

MS+90 a

spread

coupon

1.00%

spread set

price

99.86500

yield

1.012%

book size (m)

2,900

peak book (m)

x-covered

5.8

book attrition

nic

-15

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,900

peak book (m)

x-covered

5.8

book attrition

nic

-15

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

8 yr: Book size: 3300; Registration: Reg S Only; Comments: EUR500m WNG 8y snr unsec green (SRI) RegS. With 12y. Baa3/BBB-/BBB-. Strucs ING/Rabo, JBs BNPP/Citi. IPTs MS+95 area, guidance MS+65 area (+/-5), launch MS+60, bk >3.3bn pre rec @guidance, peak >3.5bn. MWC B+15, 3mPC. DBR 0% Aug-29s (B+98.1bp / 103.730 / HR: 94%). With 2024 tender. FTT 4.55pm. LEI: 635400B3DOXSWFOWJT40; 12 yr: Book size: 2900; Registration: Reg S Only; Comments: UR500m WNG 12y snr unsec green (SRI) RegS. With 8y. Baa3/BBB-/BBB-. Strucs ING/Rabo, JBs BNPP/Citi(B&D). IPTs MS+120 area, guidance MS+90 area (+/-5), launch MS+85, bk >2.9bn pre rec, MWC B+20, 3mPC. With 2024 tender. DBR 0% Aug-31s (B+132bp / 103.105 / HR 109%). FTT 4.55pm. LEI: 635400B3DOXSWFOWJT40;

Deal Comments

Green Bond

Guarantor(s)

Smurfit Kappa Group plc, Smurfit Kappa Holdings Ltd, Smurfit Kappa Investments Ltd, Smurfit Kappa Acquisitions Unlimited Co, Smurfit Kappa Treasury Funding DAC and Smurfit International BV

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