Irish packaging giant Smurfit Kappa has announced it is to issue €500m worth of bonds in a bid to reduce borrowing costs.
The company will use €480m of the money raised to repay outstanding debt obligations and will use any remaining funds for "general corporate purposes".
The company said it had obtained commitments to increase its revolving credit facility to €220m. Latest accounts for the company showed it has net debt of €2.9bn,with revenues for the year to September in excess of €6bn.
The company, founded by Michael Smurfit, employs around 45,000 people in 34 countries around the world. Revenues for 2015 were more than €8bn and the company has stated that it expects results for the entirety of last year to be in line with market expectations.