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Schoenherr, together with Davis Polk & Wardwell LLP, advised the global coordinators, physical bookrunners, bookrunners, mandated lead arrangers and lenders in connection with a syndicated facilities agreement, as well as the initial purchasers on a Rule 144A/Regulation S offering of senior secured notes, as part of the comprehensive refinancing of Constantia Flexibles GmbH, a portfolio company of One Rock Capital Partners and a global leader in flexible packaging.
The refinancing comprised a EUR 1.4bln senior secured term loan B facility, a EUR 305m senior secured revolving credit facility and a EUR 500m Rule 144A/Regulation S offering of new EUR 500m 6.250 % senior secured notes due 2032 of Constantia Flexibles GmbH as borrower and issuer.
Barclays Bank Ireland PLC, BNP Paribas and J.P. Morgan SE acted as global coordinators, physical bookrunners, bookrunners and mandated lead arrangers for the syndicated loan. Barclays Bank Ireland PLC, BNP Paribas, J.P. Morgan SE, Citigroup Global Markets Europe AG, Crédit Agricole Corporate and Investment Bank, Erste Group Bank AG, Goldman Sachs Bank Europe SE, ING Bank N.V., Intesa Sanpaolo S.p.A., Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Morgan Stanley Europe SE, MUFG Securities (Europe) N.V., Raiffeisen Bank International AG, RBC Capital Markets (Europe) GmbH and UniCredit Bank GmbH acted as initial purchasers of the notes.
"We are pleased to have supported the involved banks in this highly successful landmark financing for Constantia Flexibles Group," said Partner Christoph Moser.
"The strong demand from international investors underscores the confidence in Constantia Flexibles' strategic direction," added Partner Ursula Rath.
Constantia Flexibles, taken private and delisted from the Vienna Stock Exchange, is one of the global leaders in flexible packaging. The company operates 36 sites across 18 countries, employing over 8,000 people. One Rock Capital Partners is a New York-based private equity firm with over USD 10bln of cumulative capital commitments.
The Schoenherr team was led by Christoph Moser (Partner) and Ursula Rath (Partner) and further comprised Daniel Gritsch (Attorney at Law), Maximilian Nusser (Associate) and Clemens Stockhammer, as well as the Schoenherr tax team consisting of Marco Thorbauer (Partner) and Sarah Dräxler (Associate). The same team advised One Rock Capital Partners on its initial acquisition financing of Constantia Flexibles group in 2024.
Davis Polk & Wardwell LLP (lead: Michael Taufner) acted as lead counsel to the original lenders and initial purchasers.
Christoph
Moser
Partner
austria vienna
Katharina
Falkner
Corporate Communications Manager
austria vienna