Mondi completes refinancing

15th Apr 2011 06:59

Paper and packaging firm Mondi has signed a new €750m five-year revolving multi-currency credit facility to refinance its existing €1.55bn credit facility that was due to mature in June 2012.It's the second and final step in the group's refinancing; previously, the group had raised €500m through a seven-year Eurobond in March 2010.The facility was self-arranged with a club of 10 relationship banks. "We are delighted with the confidence shown in the Mondi Group by our relationship banks through this new facility. The success of this transaction further strengthens the group by extending our debt maturity profile and provides us with additional financial flexibility," said Mondi's chief financial officer, Andrew King. ---jh