Debt Investors

DS Smith funds its operations from the following sources of capital: operating cashflow, borrowings, shareholders’ equity and, where appropriate, disposals of non-core businesses.

The Group’s objective is to achieve a capital structure that results in an appropriate cost of capital whilst providing flexibility in short and medium-term funding so as to accommodate material investments or acquisitions. The Group also aims to maintain a strong balance sheet and to provide continuity of financing by having a range of maturities and borrowings from a variety of sources.

Borrowing facilities

DS Smith finances its operations using a number of funding instruments, including Medium-term notes, private placement debt and bank borrowings.

Borrowing facilities as at 30 April 2024

Facilities Currency Maturity £ million equivalent
Syndicated RCF 2018 various 2024-25 1,4001
Euro medium-term notes EUR 2024-30 2,182
Euro RCF 2020 EUR 2024 51
Sterling bond medium-term note GBP 2029 250
Euro term loan EUR 2025 9
Total     3,892

1An extension of the syndicated RCF facility was agreed in June 2024, such that new facility of £1.25 billion matures in May 2027.

Analysis of Gross Debt at 30 April 2024

Analysis of gross debt at 30 Apr 2024.png

Available committed facilities as at 30 April 2024

Available committed facilities as at 30 April 2024.png

Euro Medium-term Note Programme

Maturity date  Issued amount Coupon Interest paid Date  Minimum denominations
26 July 2024 €452m1 1.375% annually 26 July €100k
12 September 2026


0.875% annually 12 September €100k
26 July 2029 £250m 2.875% annually 26 July £100k
27 July 2027 €850m 4.375% annually 27 July €100k
27 July 2030 €650m 4.500% annually 27 July €100k 

1 Following repurchase of €298m in July 2023