Sappi wins Structured Bond Deal of the Year award at Bonds & Loans Africa Awards; company launched convertible bond to complete its expansion project at Saiccor dissolving pulp mill after South African bond market was impacted by Covid pandemic

Sample article from our Bioeconomy

March 15, 2022 (press release) –

Following an intense selection process, Sappi’s ZAR1.8 billion 5-year Convertible Bond was recognised as the winner of the Bonds & Loans Africa Award for Structured Bond Deal of the Year for 2022 during an awards ceremony hosted by GFC Media Group on 9 March 2022 in Cape Town.

The selection criteria included the features of the bond transaction, the borrower’s objectives and results of the fund raising, the use of the proceeds and the innovation demonstrated by the borrower to funding and debt management. Commenting on the award, Sappi’s Group Treasurer Jörg Pässler said: “This award is particularly pleasing in view of the market conditions at the time of raising this funding. 

The Covid-19 pandemic had a severe impact on financial markets and in 2020 the South African bond market was effectively closed for a few months. The bank market was stretched with many corporates requiring emergency assistance during the pandemic. Sappi wanted to preserve its liquidity resources while quarterly results were still depressed from the pandemic and decided to launch a convertible bond to complete the important Saiccor expansion project. It was a very successful transaction during extremely difficult times and this award recognises the challenges and the success of the transaction.”

Issued by Brunswick 
on behalf of Sappi Limited
Tel + 27 (0) 11 502 7300

For further information

Jörg Pässler
Group Treasurer
Sappi Limited
Tel +27 (0)11 407 8391
Mobile +27 (0)83 666 6589

André F Oberholzer
Group Head Corporate Affairs
Sappi Limited
Tel +27 (0)11 407 8044
Mobile +27 (0)83 235 2973

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