Smurfit Westrock plc announced that it has successfully closed (i) a U.S. dollar-denominated offering of $850 million in aggregate principal amount of senior notes due 2035 (the "2035 Notes") by its wholly-owned subsidiary, Smurfit Westrock Financing DAC, and (ii) a dual-tranche Euro-denominated offering of €600 million in aggregate principal amount of senior notes due 2032 (the "2032 Notes") and €600 million in aggregate principal amount of senior notes due 2036 (the "2036 Notes" and, together with the 2035 Notes and the 2032 Notes, the "Notes") by its wholly-owned subsidiary, Smurfit Kappa Treasury Unlimited Company (collectively, the "Offerings").

The 2035 Notes priced at 99.988% and have a coupon of 5.418%, the 2032 Notes priced at 100.000% and have a coupon of 3.454% and the 2036 Notes priced at 100.000% and have a coupon of 3.807%.

The Group intends to use the net proceeds of the Notes (i) to redeem the outstanding $750 million in aggregate principal amount of 4.650% senior notes due 2026 issued by WRKCo Inc., a wholly-owned subsidiary of Smurfit Westrock (the "WRKCo 2026 Notes"), in full at the applicable redemption price set forth in the indenture governing the WRKCo 2026 Notes, (ii) to redeem the outstanding €1,000 million in aggregate principal amount of 2.875% senior notes due 2026 issued by Smurfit Kappa Acquisitions Unlimited Company, a wholly-owned subsidiary of Smurfit Westrock (the "SKA 2026 Notes"), in full at the applicable redemption price set forth in the indenture governing the SKA 2026 Notes, and (iii) for general corporate purposes, including the repayment of indebtedness. Smurfit Westrock intends to use an amount equivalent to the proceeds of the Offerings to finance or refinance a portfolio of Eligible Green Projects in accordance with the Group's Green Finance Framework, which the Group may, in the future, update in line with developments in the market.

Each of Smurfit Kappa Acquisitions Unlimited Company and WRKCo Inc. has distributed a conditional notice of redemption to the respective holders of the SKA 2026 Notes and WRKCo 2026 Notes, which will be redeemed on December 2, 2024 and December 6, 2024, respectively.

Emer Murnane, Senior Vice President Treasury, said: "We are delighted to have completed our inaugural green bond issuance as a combined Group under our recently updated Smurfit Westrock Green Finance Framework. Investor demand in both the Euro and US dollar markets, which generated combined order books in excess of €5.9 billion and $5.5 billion respectively, demonstrates the strength and support for our business and the depth of liquidity available to the Group."

Ken Bowles, Executive Vice President and Group CFO, commented: "The circular economy has long been at the core of our business and is why we developed our Green Finance Framework. The level of 'dark green' investors we have seen in this week's order book speaks to our rigor, transparency and track record in sustainable finance. Upon redemption of the WRKCo 2026 Notes and the SKA 2026 Notes, our next significant bond maturity is September 2027."

Tony Smurfit, President and CEO, added: "At Smurfit Westrock we are committed to delivering a positive impact for our shareholders. This successful issuance is testament to the talent, skills and professionalism of our tight-knit team and our robust sustainability strategy. I would like to thank everyone involved in this successful and well-executed transaction."

The Notes were offered in a private placement and there was no public offering of the Notes. The Notes were offered and sold (i) in the United States only to qualified institutional buyers (as defined in Rule 144A under the U.S. Securities Act ("Rule 144A") in reliance on Rule 144A and (ii) outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S ("Regulation S") under the U.S. Securities Act of 1933, as amended.