Daily News: September 26, 2016

J.P. Morgan, UniCredit, BofA, Arrange Constantia Refi

Constantia Flexibles Group repriced, amended and upsized its cross-border term loan B facility. J.P. Morgan, UniCredit and Bank of America Merrill Lynch arranged the transaction.

As part of the transaction, Constantia Flexibles made amendments to its €1.2 billion ($1.35 billion) syndicated loan facilities to improve operational flexibility, and reduced the margin on its €660 million ($774 million) term loan to Euribor + 300 bps1 (from Euribor + 375 bps).

The U.S. dollar tranche was successfully upsized to $250 million to create a more liquid U.S. dollar facility backed by a broader investor base in order to further enhance global capital market access. The U.S. dollar tranche was repriced to LIBOR+300 bps1 (from LIBOR+375 bps).

Stephan Kuehne, CFO, said, “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 facility is rated B/B1, while the company is rated B+/B1 by Standard & Poor’s and Moody’s, respectively.

Constantia Flexibles is a manufacturer of flexible packaging products and labels.