Sappi cancels €250m senior notes offering

15th May 2020 By: Tasneem Bulbulia - Senior Contributing Editor Online

A day after announcing plans to issue €250-million of senior notes, paper and pulp producer Sappi on May 15 said it had decided not to proceed with the proposed offering, as a result of unsatisfactory market conditions.

The company noted that it had a long history of prudent and proactive balance sheet management.

"Consistent with that and in light of the strong liquidity position it already has, Sappi is in a position to be flexible and proactive about its approach to bond markets," it stated.