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JEFFERSON SMURFIT CORPORATION ANNOUNCES FILING A PRELIMINARY PROSPECTUS FOR DEBT REFINANCING

 ST. LOUIS, Feb. 12 /PRNewswire/ -- Jefferson Smurfit Corporation announced today that it has filed with the Securities and Exchange Commission a registration statement relating to a proposed public offering of approximately $500 million senior notes by Container Corporation of America, its wholly owned subsidiary. The notes, which will mature in 2003, will be unsecured and will not be redeemable prior to maturity. The notes will also be unconditionally guaranteed on a senior basis by Jefferson Smurfit Corporation. The proceeds of the offering will be used to repay amounts outstanding under the company's bank credit agreements. The refinancing is designed to improve the company's operating and financial flexibility by extending maturities of indebtedness and improving liquidity. The registration statement is subject to review by the SEC. Morgan Stanley & Co. Incorporated will act as the sole underwriter for the offering.
 The company has agreed in principle to the terms of $200 million irrevocable commitment from an affiliate of Jefferson Smurfit Group plc to purchase up to $200 million aggregate principal amount of junior subordinated notes. Jefferson Smurfit Corporation is America's No. 1 paper recycler and most broadly based paper, paperboard and packaging company. JSC manages estimated annual managed sales of $4.5 billion and operates more than 180 mills and converting facilities in the United States, Canada, Mexico and Puerto Rico. The company is a wholly owned subsidiary of SIBV/MS Holdings, Inc., 50 percent of the voting stock of which is owned by each of The Morgan Stanley Leveraged Equity Fund II, L.P. and a subsidiary of Jefferson Smurfit Group. Jefferson Smurfit Group is listed on the London and Dublin Stock Exchanges and is the largest industrial corporation in Ireland. MSLEF II is an investment fund, the principal investors of which include major U.S. and foreign banks, insurance companies, pension funds, corporation and government agencies. MSLEF II is an affiliate of the underwriter for the offering.
 "A registration statement relating to the senior notes has been filed with the Securities and Exchange Commission but has not yet become effective. The senior notes may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of these senior notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state."
 -0- 2/12/93
 /CONTACT: Patrick Moore, treasurer of Jefferson Smurfit, 314-746-1215/


CO: Jefferson Smurfit Corporation ST: Missouri IN: PAP SU: RCN

TM -- NY061 -- 6358 02/12/93 18:29 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:448
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