Clondalkin to launch $490 million credit facility on Wednesday

By Sara Rosenberg

New York, May 7 - Clondalkin Group Holdings BV will hold a bank meeting on Wednesday to launch a $490 million credit facility, according to a market source.

Deutsche Bank Securities Inc. and Goldman Sachs & Co. are the lead banks on the deal.

The facility consists of a $35 million revolver, a $350 million seven-year covenant-light first-lien term loan and a $105 million 71/2-year covenant-light second-lien term loan, the source said.

Included in the first-lien loan is 101 soft call protection for six months, and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Proceeds will be used to refinance existing debt.

Clondalkin Group is an Amsterdam-based provider of packaging products and services.

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