SAP - Sappi Limited - Sappi announces pricing and results of its cash tender

SAP - Sappi Limited - Sappi announces pricing and results of its cash tender    
offer                                                                           
SAPPI LIMITED                                                                   
Registration Number 1936/008963/06                                              
(Incorporated in the Republic of South Africa)                                  
JSE Code: SAP                                                                   
ISIN: ZAE000006284                                                              
NYSE Code: SPP                                                                  
NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN THE REPUBLIC OF ITALY 
("ITALY") OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS  
ANNOUNCEMENT.  THIS ANNOUNCEMENT IS BEING MADE IN THE REPUBLIC OF SOUTH AFRICA  
("SOUTH AFRICA") FOR INFORMATION PURPOSES ONLY. THE OFFER WAS NOT MADE TO ANY   
PERSON RESIDENT OR LOCATED IN SOUTH AFRICA.                                     
SAPPI ANNOUNCES PRICING AND RESULTS OF ITS CASH TENDER OFFER                    
Luxembourg, 11 March 2011. Sappi Papier Holding GmbH (formerly Sappi Papier     
Holding AG, the "Company") hereby announces pricing and results of its offer to 
purchase for cash (the "Offer") up to US$150 million principal amount of its    
outstanding US$500 million 6.75% Guaranteed Notes due 2012 (the "Securities")   
from each registered holder of Securities (a "Holder").                         
The Offer was made upon the terms and subject to the conditions set forth in the
offer to purchase dated 9 February 2011 (the "Offer to Purchase") and the       
related Letter of Transmittal. Capitalised terms used in this announcement have 
the meanings ascribed to them in the Offer to Purchase.                         
As of 5:00 p.m., New York City time, on 10 March 2011 (the "Expiration Date"),  
an aggregate principal amount of Securities equal to US$304,946,000 was validly 
tendered in the Offer. The Company is pleased to announce (i) it has accepted   
for purchase an aggregate principal amount of Securities of US$150 million; and 
(ii) the Total Consideration has been set at US$1,055.00 per US$1,000 principal 
amount pursuant to the modified "Dutch Auction" procedure described in the Offer
to Purchase. All Securities tendered at Offer Prices below the Total            
Consideration have been accepted in full. The Securities tendered at Offer      
Prices equal to the Total Consideration have been accepted on a pro rata basis, 
using a Proration Factor of approximately 23.8 per cent.                        
Holders who validly tendered and did not validly withdraw their Securities at or
before 5:00 p.m., New York City time, on 23 February 2011 (the "Early Tender    
Date") and whose Securities have been accepted for purchase will receive the    
Total Consideration, which includes the Early Tender Premium of US$20 per       
US$1,000 principal amount. Holders who validly tendered and did not validly     
withdraw their Securities after the Early Tender Date and at or before the      
Expiration Date and whose Securities have been accepted for purchase will       
receive the Tender Consideration of US$1,035.00 per US$1,000 principal amount   
(which is the Total Consideration minus the Early Tender Premium).              
In addition to the Total Consideration or the Tender Consideration, as          
applicable, Holders whose Securities have been accepted for purchase will also  
receive Accrued Interest in respect of such Securities. The Offer is expected to
settle on 15 March 2011.                                                        
Citigroup Global Markets Limited, J.P. Morgan Securities LLC and J.P. Morgan    
Securities Ltd. are acting as Dealer Managers. Citibank, N.A. is the Tender and 
Information Agent. This news release is neither an offer to purchase nor a      
solicitation of an offer to sell any securities. The Offer was made only by the 
Offer to Purchase and related Letter of Transmittal, and the information in this
news release is qualified by reference to the Offer to Purchase and related     
Letter of Transmittal.                                                          
Requests for information in relation to the Offer should be directed to:        
CITIGROUP GLOBAL MARKETS LIMITED     J.P. MORGAN SECURITIES LLC                 
Citigroup Centre                     383 Madison Avenue                         
Canada Square                        New York, NY 10179                         
Canary Wharf                         United States of America                   
London E14 5LB                       Attn: Liability Management                 
United Kingdom                       Group                                      
Attn: Liability Management Group     Tel: (212) 270 1200                        
Toll free: (800) 558 3745            J.P. MORGAN SECURITIES LTD.                
Collect: (212) 723 6106              10 Aldermanbury                            
London: +44 (0) 20 7986 8969         London EC2V 7RF                            
E-mail:                              United Kingdom                             
liabilitymanagement.europe@citi.com  Attn: Liability Management                 
                                    Group                                       
Tel: +44 (0) 20 7325 9633                   

                                                                                
This announcement is neither an offer to purchase nor a solicitation of an offer
to sell the Securities. The Offer was made only by, and pursuant to the terms   
of, the Offer to Purchase, and the information in this announcement is qualified
by reference to the Offer to Purchase and the accompanying Letter of            
Transmittal.                                                                    
Date: 11/03/2011 16:03:23 Supplied by www.sharenet.co.za                     
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