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JEFFERSON SMURFIT, CONTAINER CORP. OF AMERICA ANNOUNCE CONSUMMATION OF EQUITY INVESTMENT BY EXISTING STOCKHOLDERS AND NEW BANK FACILITY

JEFFERSON SMURFIT, CONTAINER CORP. OF AMERICA ANNOUNCE CONSUMMATION OF

EQUITY INVESTMENT BY EXISTING STOCKHOLDERS AND NEW BANK FACILITY
 ST. LOUIS, Aug. 26 /PRNewswire/ -- Jefferson Smurfit Corp. and Container Corp. of America (the company) announced today that they have consummated: a $400 million common equity investment by certain existing stockholders in the form of cash and the conversion, in 1993, of outstanding preferred stock of the company's parent; the repurchase, pursuant to certain privately negotiated purchase agreements, of approximately $200 million in accreted value of the company's subordinated debentures and certain other subordinated debt at a premium; and a new $400 million bank facility led by Chemical Bank and Bankers Trust Co., the proceeds of which will be used to prepay a portion of the company's present bank facility.
 Jefferson Smurfit Corp., headquartered in St. Louis, produces one of the most broadly based lines of paper, paperboard, and paperboard packaging in the world. It is also America's no. 1 paper recycler. The privately held company is a vertically integrated manufacturing organization managing more than $4.5 billion in sales, about 20,000 employees, and some 180 paper and paperboard mills and converting plants in the United States, Canada, Mexico and Puerto Rico.
 Jefferson Smurfit Corp. and its wholly owned subsidiary Container Corp. of America are owned as a combined entity by SIBV/MS Holdings Inc., a company that is jointly owned by Smurfit International B.V., an indirect wholly owned subsidiary of Jefferson Smurfit Group plc, and The Morgan Stanley Leveraged Equity Fund II, L.P.
 -0- 8/26/92
 /CONTACT: Patrick Moore of Jefferson Smurfit, 314-746-1215/ CO: Jefferson Smurfit; Container Corporation of America ST: Missouri IN: PAP SU:


RM -- SF004 -- 3704 08/26/92 17:56 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
Words:287
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