Constantia Flexibles successfully reprices Term Loan B
(ots) - Vienna, September 22, 2016 - Constantia Flexibles
Group ("Constantia Flexibles" or the "Company") today successfully
accomplished the repricing, amendment and upsizing of its
covenant-lite cross-border Term Loan B facility (the "Term Loan").
As part of the transaction, Constantia Flexibles made certain
amendments to its ?1.2bn syndicated loan facilities to improve
operational flexibility, and reduced the margin on its ?660mm EUR
Term Loan to Euribor + 300 bps (from Euribor + 375 bps).
The US Dollar Tranche was successfully upsized to $250mm, with the
aim to create a more liquid US Dollar facility backed by a broader
investor base in order to further enhance global capital market
access. The US Dollar Tranche was repriced to Libor + 300 bps (from
Libor + 375 bps).
Supported by a strong interest from investors, both the Euro and
US Dollar tranches were substantially oversubscribed, which is a
reflection of Constantia Flexibles? strong operational performance
and reputation among existing and new investors.
Stephan Kuehne, Chief Financial Officer, commented: "The success
of the transaction demonstrates the strong support Constantia
Flexibles gets from the capital market, which buys into its proven
global growth story".
The transaction was arranged by J.P. Morgan, UniCredit and Bank of
America Merrill Lynch.
Closing of the transaction is expected on September 30, 2016. The
facility is rated B/B1, while the company is rated B+/B1 by Standard
& Poor?s and Moody?s, respectively.
Constantia Flexibles is one of the world?s leading manufacturers
of flexible packaging products and labels. The Group supplies its
products to numerous multinational corporations and local market
leaders in the food, pet food, pharmaceuticals and beverage
industries. In total, Constantia Flexibles has over 3,000 customers
and close to 10,000 employees worldwide. The company produces at 55
sites in 23 countries.
Rückfragehinweis:
Daniel Smith
Head of Group Communications
T +43 (0)1 88856401195
M +43 676 3052289
daniel.smith(at)cflex.com
Digitale Pressemappe: http://www.ots.at/pressemappe/17677/aom
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News-ID 1403741
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Kategorie:
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