LONDON (From news reports) -- Packaging and paper company Mondi plc has issued a €550 million Eurobond with a 5-year maturity, according to a statement released Thursday.

The bond, which matures in May 2031, carries a 3.375% coupon rate and will be admitted to trading on the London Stock Exchange's regulated market. Proceeds from the issuance will be used to refinance existing debt, including a concurrent tender offer on Mondi's €600 million 1.625% Guaranteed Notes due April 2026.

The transaction is expected to close on October 23, 2025. Barclays, BBVA, BofA Securities, Erste Group and Raiffeisen Bank International served as joint book-runners for the issuance.

The Eurobond will be issued under Mondi's Euro Medium Term Note program, which currently holds a Baa1 rating from Moody's and BBB+ from Standard and Poor's.

"We are pleased to have successfully launched a €550 million Eurobond today, which was supported by a wide range of European investors," said Mike Powell, CFO of Mondi Group, in the press release. "This bond refinances our bond maturing in April 2026 and further strengthens the Group's liquidity position."

Mondi operates in more than 30 countries with approximately 24,000 employees. The company reported revenues of €7.4 billion and underlying EBITDA of €1.0 billion in 2024. Mondi is listed on the London Stock Exchange as a FTSE100 constituent and has a secondary listing on the JSE Limited.