Mondi launches €500m Eurobond

Paper and packaging group Mondi announced the successful launch of a €500m (£403.5m), eight-year Eurobond, the proceeds of which will be used for general corporate purposes.

The Eurobond matures in April 2024, has a coupon of 1.5% and an application will be made for it to be listed on the London Stock Exchange.

BNP Paribas, Commerzbank, Deutsche Bank, HSBC and UniCredit were joint book-runners for the issue.

Chief financial officer Andrew King said: “We are delighted with the support for our bond issue from a wide group of European Institutional investors.

“The success of this transaction further strengthens the group by extending our debt maturity profile and reflects Mondi's consistent and focussed long term strategy, robust business model and high-quality, low-cost asset base”.

At 1555 BST, Mondi shares were down 1% to 1,270p.