Smurfit Westrock Plc Completes Green Bond Offerings to Refinance Debt and Fuel Sustainable Projects

Smurfit Westrock Plc, an Ireland-based company, recently closed a significant round of offerings to strengthen its financial position and bolster sustainability initiatives. On November 26, 2024, Smurfit Westrock Financing DAC, a subsidiary, issued $850 million in 5.418% senior notes due 2035, while Smurfit Kappa Treasury Unlimited Company, another subsidiary, issued €600 million each in 3.454% senior notes due 2032 and 3.807% senior notes due 2036. These offerings are part of a larger strategy to manage existing debt and fund green projects.

The proceeds from these offerings will be utilized to redeem $750 million in 4.650% senior notes due 2026 issued by WRKCo Inc. and €1,000 million in 2.875% senior notes due 2026 issued by Smurfit Kappa Acquisitions Unlimited Company. The remainder will support general corporate purposes and repay indebtedness. Notably, funds equivalent to the offering’s proceeds will be allocated towards financing or refinancing green projects in accordance with Smurfit Westrock’s Green Finance Framework.

The Notes were exclusively offered to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons in offshore transactions in compliance with Regulation S under the U.S. Securities Act of 1933.

The company’s officials expressed satisfaction over the accomplishment of these green bond offerings. Emer Murnane, Senior Vice President Treasury, emphasized the demand in both the Euro and US dollar markets and the backing for their business and sustainable finance framework. Ken Bowles, Executive Vice President and CFO, highlighted the organization’s commitment to the circular economy. Tony Smurfit, President and CEO, praised the team’s efforts and the company’s sustainability strategy.

The related indicative pricing and agreement details have been shared in the associated filings. For further information, interested parties can refer to the Form 8-K filing available on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Smurfit Westrock’s 8K filing here.

Smurfit Westrock Company Profile

Smurfit Westrock Plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in Ireland and internationally. The company produces containerboard that it converts into corrugated containers or sells to third parties, as well as produces other types of paper, such as consumer packaging board, sack paper, graphic paper, solid board and graphic board, and other paper-based packaging products, such as consumer packaging, solid board packaging, paper sacks, and other packaging products, including bag-in-box.