SOURCE: Sappi Limited

July 05, 2005 09:54 ET

Sappi Limited announces Multi-currency release

Johannesburg, SA -- (MARKET WIRE) -- July 5, 2005 --

                                                            Sappi Limited
Press Release

Johannesburg, 5 July 2005

Sappi Closes a New EUR600 Million Multi-currency Revolving Credit Facility

Sappi Limited is pleased to announce the successful completion of its new EUR 600,000,000 Multi-currency Revolving Credit Facility (the "Facility"). The purpose of the Facility is to refinance an existing revolving facility as well as for general corporate purposes. The Facility was significantly over-subscribed.

Commenting on the new Facility Don Wilson, Executive Director - Finance, Sappi Limited, said "The successful completion of the new Facility confirms the market's long-term belief in and support of our industry. Sappi has once again demonstrated its ability to access debt markets on competitive terms; the margins we have negotiated are more favourable than our existing facility. We now have in place a well-structured suite of financing with an excellent maturity profile, with our average term of debt now exceeding 8 years. "

BNP Paribas, J.P. Morgan plc and SG Corporate & Investment Banking acted as Mandated Lead Arrangers and Book runners.


Issued by:

Brunswick South Africa Limited
on behalf of Sappi Limited

Roderick Cameron/Nonhlanhla Kumalo
Tel +27 (0)11 268 5750

For further information:

Don Wilson
Executive Director - Finance
Sappi Limited
Tel +27 (0)11 407 8041

                      This information is provided by RNS
            The company news service from the London Stock Exchange