update on debt refinancing

 

TIDMSAZ 
 
RNS Number : 3449V 
Sappi Ld 
08 July 2009 
 
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|                                                           | Sappi Limited       | 
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Announcement 
 
 
Immediate release 
 
 
NOT FOR DISTRIBUTION TO U S  NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE 
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A 
VIOLATION OF U S SECURITIES LAW. 
 
 
Sappi provides update on debt refinancing 
 
 
08 July 2009 -- Sappi today announces that as part of its stated objective to 
improve the maturity of its debt profile, it has recently commenced, and is 
presently engaged in, the bank syndication process for a new secured revolving 
credit facility and a new secured OeKB term loan facility in order to refinance 
or replace its existing revolving credit facility (which matures in May 2010) 
and OeKB term loan facility (which matures in December 2010). Sappi is also 
considering the possibility of accessing the capital markets in order to arrange 
long term secured debt to refinance some of its existing short-term debt and 
other debt. The completion of Sappi's refinancing efforts will be subject to a 
number of factors, including liquidity and market conditions in the banking and 
capital markets. There can be no assurance that the refinancing or any capital 
markets transaction will be completed. 
 
 
Forward-looking statements 
Certain statements in this release that are neither reported financial results 
nor other historical information, are forward-looking statements, including but 
not limited to statements that are predictions of or indicate future earnings, 
savings, synergies, events, trends, plans or objectives. Undue reliance should 
not be placed on such statements because, by their nature, they are subject to 
known and unknown risks and uncertainties and can be affected by other factors, 
that could cause actual results and company plans and objectives to differ 
materially from those expressed or implied in the forward-looking statements (or 
from past results). Such risks, uncertainties and factors include, but are not 
limited to, the impact of the global economic downturn, the highly cyclical 
nature of the pulp and paper industry (and the factors that contribute to such 
cyclicality, such as levels of demand, production capacity, production, input 
costs including raw material, energy and employee costs, and pricing), adverse 
changes in the markets for the group's products, consequences of substantial 
leverage, including as a result of adverse changes in credit markets that affect 
our ability to raise capital when needed, changing regulatory requirements, 
unanticipated production disruptions, adverse changes in the political situation 
and economy in the countries in which we operate or the effect of governmental 
efforts to address present or future economic or social problems, the impact of 
investments, acquisitions and dispositions (including related financing), any 
delays, unexpected costs or other problems experienced with integrating 
acquisitions and achieving expected savings and synergies and currency 
fluctuations. The company undertakes no obligation to publicly update or revise 
any of these forward-looking statements, whether to reflect new information or 
future events or circumstances or otherwise. 
 
 
 
 
 
 
 
 
Contact details 
 
 
Brunswick South Africa Tel [phone] 
Robert Hope 
Group Head Strategic Development 
Sappi Limited 
Tel [phone] 
e-Mail [e-mail] 
 
 
André F Oberholzer 
Group Head Corporate Affairs 
Sappi Limited 
Tel [phone] 
Mobile [phone] 
e-Mail [e-mail] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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