S&P reviews Constantia Flexibles

S&P said it placed Constantia Flexibles Holding GmbH’s B+ long-term corporate credit rating and the B rating on its senior secured debt on CreditWatch with positive implications.

S&P said the CreditWatch positive placement follows Constantia's announcement that it entered into an agreement to sell its labels division to Multi-Color Corp. for about €1.15 billion ($1.3 billion). The majority of the proceeds will be payable in cash but Constantia will also receive 3.4 million Multi-Color shares and will become its 16.6% shareholder.

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