SAPPI LIMITED - Sappi prices 400 million senior notes offering

Sappi prices €400 million senior notes offering

Sappi Limited
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN code: ZAE000006284
LEI Number: 549300SSI7XQH8ESJG95
("Sappi" or the "Company")



NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO AUSTRALIA, CANADA OR
JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES
WOULD BE PROHIBITED BY APPLICABLE LAW. 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.
PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS PRESS RELEASE.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014.



11 March 2021


Sappi prices €400 million senior notes offering


Further to Sappi’s announcement on 08 March 2021 in connection with a bond issue, Sappi
Limited announced today that it priced Sappi Papier Holding GmbH’s (“SPH”) bond offering
to raise €400 million of new senior notes due 2028 with a coupon of 3.625% per annum.

The Company is implementing this offering in order to improve its debt maturity profile and to
strengthen its liquidity headroom and its balance sheet. The net proceeds from this offering
will be used to redeem all of SPH’s outstanding €350 million senior notes due 2023 and for
general corporate purposes.

Steve Binnie, CEO of Sappi Limited, commented as follows on the bond offering: “This
refinancing of the 2023 bond with a new 7-year bond meets the group’s objective of
extending the debt maturity profile, with no material debt maturities now until 2026. We are
very pleased with the outcome of this refinancing as the group continues its recovery from
the impact of the Covid-19 pandemic.”

Sponsor : UBS South Africa (Pty) Ltd
                                                                                                            Page 2 of 2



Cautionary Statement
This press release is for information purposes only and does not constitute a prospectus or an offer to sell or the
solicitation of an offer to buy any security in the United States or in any other jurisdiction. The notes have not
been and will not be registered under the Securities Act or applicable state or foreign securities laws and may
not be offered or sold in the United States absent registration under federal or applicable state securities laws
or an applicable exemption from such registration requirements. Any public offering of securities to be made in
the United States will be made by means of a prospectus that may be obtained from the issuer and that will
contain detailed information about the company and management, as well as financial statements.

This press release shall not be considered an “offer of securities to the public” for purposes of the Luxembourg
law on prospectus for public offering dated 16 July 2019. Furthermore, this press release constitutes neither an
offer to sell nor a solicitation to buy securities nor shall it give rise to or require the publication of a prospectus
in any EU member state under Regulation (EU) 2017/1129 or in the United Kingdom (the "UK") under
Regulation (EU) 2017/1129 as It forms part of domestic law of the UK by virtue of the European Union
(Withdrawal) Act 2018 (the "EUWA").

This announcement does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire
or dispose of any securities nor is it intended to be an inducement to engage in investment activity for the
purpose of Section 21 of the Financial Services and Markets Act 2000 of the UK (the "FSMA").

The distribution of this press release into certain jurisdictions may be restricted by law. Persons into whose
possession this press release comes should inform themselves about and observe any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No money, securities or other consideration is being solicited, and, if sent in response to the information
contained herein, will not be accepted.

MiFID II professionals/ECPs only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is
eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information
document (KID) has been prepared as not available to retail in EEA and the UK.

EEA MiFID II / UK MiFIR professionals/ECPs only/No PRIIPs KID – Manufacturer target market (MiFID II / UK
MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No
EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.
In addition, in the UK, this announcement is directed only at persons (i) who have professional experience in
matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) who are high net worth
entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the
Financial Promotion Order, or (iii) to whom an invitation or inducement to engage in investment activities
within the meaning of section 21 of the FSMA in connection with the issue or sale of any notes may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as
“relevant persons”). In the UK, any investment activity to which this announcement relates is only available to
relevant persons and will be engaged in only with relevant persons. This announcement must not be acted on
or relied on by persons who are not relevant persons.

The offer of the notes does not, nor is it intended to, constitute an “offer to the public” (as that term is defined
in the South African Companies Act, 2008 (the “SA Companies Act”)) and does not, nor is it intended to,
constitute a prospectus prepared and registered under the SA Companies Act. No South African resident or
offshore subsidiary of a South African resident may subscribe for or purchase any of the notes or beneficially
own or hold any of the notes unless specific approval has been obtained from the South African Reserve Bank by
such person or such subscription, purchase or beneficial holding or ownership is pursuant to the SA Companies
Act, or is otherwise permitted under the South African Exchange Control Regulations or the rulings or policies
promulgated thereunder.

Date: 11-03-2021 09:19:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.