Coveris Rigid to launch €437 million credit facilities on Wednesday

By Sara Rosenberg

New York, June 25 – Coveris Rigid is set to hold a lender presentation on Wednesday to launch €437 million of credit facilities, according to a market source.

Barclays, HSBC, Morgan Stanley and UniCredit are the bookrunners and mandated lead arrangers on the deal.

The facilities consist of a €50 million six-year multi-currency revolver, a €317 million seven-year covenant-light first-lien term loan B and a €70 million eight-year covenant-light second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at the close of business on July 11, the source added.

Proceeds will be used to fund the buyout of the company by Lindsay Goldberg.

Coveris Rigid is a European leader in rigid plastic packaging.

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