Altri, a leading Portuguese pulp producer, issued eight-year bonds in the amount of EUR 50 million, by private placement, named “ALTRI 2017-2025”.
At the same time, the company acquired 500 “ALTRI 2014/2020” bonds, in the nominal amount of EUR 50 million, and proceeded with its amortisation.
According to the announcement, the issuances follow Altri’s funding strategy, which aims to extend the company’s debt maturity profile, strengthen its capital structure and diversify both sources and types of funding.
In 4Q2017 Altri reported 33% decrease of EBITDA amid 6.7% decrease of revenues. The company declared a dividend payable as from May 15, 2017.
Earlier Altri’s subsidiary Celbi issued two bonds by private placement.
The company is a leading Portuguese pulp producer. Its main focus is the production of bleached eucalyptus pulp, being one of the lowest cost producers in Europe. The company operates three pulp mills – Celbi (nominal capacity 600ktpa), Caima (120ktpa) and Celtejo (140ktpa). Altri also manages around 84,000 ha of forest in Portugal certified by FSC and PEFC. The wood self-sufficiency rate stands around 30%.