Constantia Flexibles lowers U.S. and euro term loan pricing again

By Sara Rosenberg

New York, Feb. 23 – Constantia Flexibles reduced pricing on its €200 million U.S. dollar equivalent seven-year covenant-light term loan B, its €639 million seven-year covenant-light term loan B and its €150 million delayed-draw term loan to Libor/Euribor plus 375 basis points from revised talk of Libor/Euribor plus 400 bps and from initial talk of Libor/Euribor plus 425 bps to 450 bps, according to a market source.

As before, the funded term loans have an original issue discount of 99½, the delayed-draw term loan has a discount of 99, and all of the debt has a 1% floor and 101 soft call protection for one year.

Earlier in syndication, the U.S. term loan was downsized from €300 million equivalent, the euro term loan was upsized from €539 million and the discount on the funded tranches was tightened from 99.

J.P. Morgan Securities LLC and UniCredit are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by the Wendel Group from One Equity Partners and the H. Turnauer Foundation for about €2.3 billion.

Closing is expected in the first half of this year, subject to approval from antitrust authorities.

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

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