Constantia Flexibles plans to repay most bank loans once acquired

By Angela McDaniels

Tacoma, Wash., March 9 – Constantia Flexibles Group GmbH plans to repay most of its currently outstanding bank loans and in connection with a new financing structure, according to a company news release.

The new financing structure is part of the planned acquisition of Constantia Flexibles by an acquisition company ultimately controlled by Wendel, which is expected to occur around the end of March or in April.

If the new financing structure is implemented as planned, the company will grant security over most of its assets, and any remaining creditors of Constantia Flexibles, including the holders of the company’s fixed-rate senior bonds due 2017, would become structurally subordinated to the creditors of the acquisition company.

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

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