The proceeds of the trade receivables securitisation have been used to refinance the group's existing short-term securitisation programme, which was due to mature in December 2011.

Sappi chief financial officer Mark Thompson said: "We are pleased to have successfully completed this three-year securitisation programme, effectively terming out our existing short-term programme.

"The transaction highlights our continued proactive approach to managing our debt capital structure and contributes to the diversity of our funding sources, thereby further enhancing our overall financial flexibility."

The securitisation was arranged by UniCredit Bank AG and funded via its Arabella Finance conduit programme. It follows a successful US$680m multi-currency senior secured notes offering and an extension and increase in Sappi's EUR350m revolving credit facility earlier this year.

Sappi said the new securitisation programme extended its debt maturity profile at a "very competitive cost".