Smurfit Kappa Treasury ULC (SW)

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Smurfit Kappa Treasury ULC (SW)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	MTRL	PRCD	SW	Smurfit Kappa Treasury ULC	€1,200		2	EMEA	Nov 20, 2024

Tranche #1Smurfit Kappa Treasury ULC

currency

EUR

size (m)

600.000

maturity

Nov 27, 2032

type

Fixed

tenor

8.000

call

registration

144A/Reg S

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

MS+145-150

ipt-pxd

guidance

MS+115 a

spread

113

coupon

3.454%

spread set

price

100.00000

yield

3.454%

book size (m)

2,800

peak book (m)

x-covered

4.67

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

2,800

peak book (m)

x-covered

4.67

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche #2Smurfit Kappa Treasury ULC

currency

EUR

size (m)

600.000

maturity

Nov 27, 2036

type

Fixed

tenor

12.000

call

registration

144A/Reg S

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

MS+175-180

ipt-pxd

guidance

MS+145 a

spread

143

coupon

3.807%

spread set

price

100.00000

yield

3.807%

book size (m)

3,100

peak book (m)

x-covered

5.17

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

3,100

peak book (m)

x-covered

5.17

book attrition

nic

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

8 yr: Book size: 2800; Registration: 144A/Reg S; Comments: EUR600m (upsized from EUR500m) 8yr greens snr unsec bmk 144A/RegS for life. Baa2/BBB/BBB/. Citi(B&D)/JPM/Rabo(struct)/Santan, ING(struct). IPTs MS+145/+150 for exp 500m. Guidance MS+115 (+/-2 wpir) for 600m. Launch MS+113. Final books 2.8bn+ (peak 3.1bn+). DBR 1.7% Aug-32s (HR: 100%) B+120.4 / 96.133. Par Call: 3m. MWC: B+20bp. CoC: 100%. LEI: 635400EGSEOPDW2EXS14; 12 yr: Book size: 3100; Registration: 144A/Reg S; Comments: EUR600m (upsized from EUR500m) 12yr greens snr unsec bmk 144A/RegS for life. Baa2/BBB/BBB/. Citi(B&D)/JPM/Rabo(struct)/Santan, ING(struct). IPTs MS+175/+180 for exp 500m. Guidance MS+145 (+/-2 wpir) for 600m. Launch MS+143. Final books 3.1bn+ (peak 3.25bn+). DBR 0% May-36s (HR: 112%) B+133.9 / 75.59. Par Call: 3m. MWC: B+20bp. CoC: 100%. LEI: 635400EGSEOPDW2EXS14;

Deal Comments

Green Bond

Guarantor(s)

Smurfit Westrock PLC

Use of Proceeds

Mixed

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