Coveris to launch €50-€75 million add-on loan; repricing on Monday

By Sara Rosenberg

New York, May 8 – Coveris Holdings SA is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a €50 million to €75 million add-on term loan and a repricing of its existing $617 million-equivalent U.S. dollar and euro senior secured term loan, according to a company news release.

The add-on euro term loan will be used to repay a portion of the existing U.S. dollar-denominated term loan.

Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the joint lead arrangers and joint bookrunners on the deal.

Currently, the company’s existing term debt is split between a $429.6 million tranche priced at Libor plus 425 basis points with a 1% Libor floor and a $187.9 million-equivalent euro term loan priced at Libor plus 475 bps with a 1% Libor floor.

Closing on the repricing is expected in the second half of this month.

Coveris, a portfolio company of Sun Capital Partners Inc., is a Chicago-based manufacturer and distributor of packaging solutions and coated film technologies.

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