Valcour Packaging, dba MRP Solutions, reached an agreement with a majority of its first lien and second lien lenders for a comprehensive transaction that includes new debt financing and an exchange of existing debt. The transaction will reduce the company’s interest burden and enhance liquidity. All existing first lien and second lien lenders will be offered the opportunity to participate in the transaction.
“The transaction enables MRP to strengthen its balance sheet and provides liquidity to capitalize on growth initiatives while delivering sustainable packaging solutions to our valued customers and continuing to build upon our long-term relationships with our supply partners,” Jim Fitzgerald, CEO, and Bruce Manning, chief financial officer, of MRP, said. “We would like to thank everyone involved in the transaction for their continued support and partnership as we rebound from customer inventory destocking headwinds and pursue the next phase of MRP’s growth.”
Evercore Group served as exclusive financial advisor, and Kirkland & Ellis served as exclusive legal advisor to the company. Perella Weinberg Partners served as exclusive financial advisor, and Davis Polk & Wardell served as exclusive legal advisor to the first lien ad hoc group of lenders.
