MRO Magazine

Coveris Holdings S.A. Launches Proposed Repricing of $617 Million (Equivalent) Term Loan

By Business Wire News   


Coveris Holdings S.A. (the “Company”), a portfolio company of funds advised by Sun Capital Partners, Inc., announced today the launch of a proposed repricing (the “Repricing”) of its existing $617 million (equivalent) senior secured term loan (the “Term Loan”). The Term Loan consists of a $429.6 million senior secured tranche, which is currently priced at LIBOR plus 4.25% with a LIBOR minimum of 1% and was entered into at par, and a $187.9 million (equivalent) euro-denominated tranche, which is currently priced at LIBOR plus 4.75% with a LIBOR minimum and was entered into at par. The Company is proposing the Repricing to improve its overall cost of borrowing by reducing the applicable interest rate on its Term Loan.

The proposed Repricing is expected to close in the second half of May 2015. Goldman Sachs Bank USA and J.P. Morgan Limited are the joint lead arrangers and joint bookrunners for the Repricing.


As a leading international manufacturing company, Coveris is dedicated to providing solutions that enhance the safety, quality and convenience of products we use every day. In partnership with the most respected brands in the world, Coveris develops vital products that protect everything from the food we eat, to medical supplies, to the touch screen device in our pockets, contributing to the lives of millions every day.

Coveris is an affiliated portfolio company of Sun Capital Partners, Inc.

This press release may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Coveris about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.

This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. It may be unlawful to distribute this document in certain jurisdictions.The information in this document does not constitute an offer of securities for sale in Canada, Japan or Australia.

Neither the content of the Company’s website nor any website accessible by hyperlinks on the Company’s website is incorporated in, or forms part of, this announcement. It may be unlawful to distribute this document in certain jurisdictions. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Coveris Holdings S.A.
Investor Contact:
Duane A. Owens, 864-641-4710
Media Contact:
Chris Swalm, 864-504-6145
Marketing Communications Manager


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