Smurfit Kappa announces new share offer
Smurfit Kappa has today announced the successful placing of 78,787,879 new ordinary shares to institutional investors at a price of €16.50 per share.
The total number of ordinary shares in issue at Admission will be 205,626,167 million and, based on a share price of €16.50 per share, the market capitalisation of the Company following Admission will be approximately €3.4bn.
The Group intends to use the net proceeds of the offer to repay certain existing debt facilities.
Existing shareholders did not sell any shares in the offer and have agreed not to do so for a period of at least 180 days post Admission.
Following Admission, Smurfit Kappa’s free float is expected to be approximately 38.3%. In addition, in order to cover over-allotments and for stabilisation purposes, the Company has granted Deutsche Bank, acting as stabilising manager, an over-allotment option representing Shares up to a maximum of 15% of the total number of ordinary shares comprised in the Global Offer.
