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Brussels, Belgium, 05 April 2011 -- Further to Sappi’s announcement on 04 April 2011, in connection with a bond issue, Sappi announced today that it priced its upsized bond offering to raise approximately USD 705 million equivalent of new senior secured notes.  The new notes will be issued by Sappi Papier Holding GmbH in a series of EUR 250 million notes maturing in 2018 issued at a price of 100%, with a coupon of 6.625%, and a series of USD 350 million maturing in 2021 issued at a price of 100%, with a coupon of 6.625%.

The transaction is subject to customary closing conditions and settlement is expected to occur on 14 April 2011.

The net proceeds of the offering are expected to be used (a) to redeem the remaining outstanding amount of our 6.75% guaranteed notes due 2012, (b) to repay approximately EUR 200 million of the outstanding borrowings under the company's OeKB term loan facility, and (c) for general corporate purposes. The offering is part of a larger financing in connection with which the company also has received commitments, subject to various conditions, for an aggregate amount of up to EUR 350 million under a new or amended and restated revolving credit facility maturing in 2016.


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