Coveris $155 million 7.875% issue of senior notes

Overview:

• Coveris, a Sun Capital portfolio company, announced the offering of an additional $155 million 7.875% senior notes.
• The issuer is a leading global plastic packaging company formed by the combination of Exopack, the Britton Group, Kobusch, Paccor and Paragon Print & Packaging.
• The proceeds of the notes offering will mainly be used to finance two acquisitions, as well as to repay outstanding loans and for general corporate purposes.
• The notes was an add-on to Coveris' existing 7.875% senior unsecured notes due November 2019.
• Goldman Sachs and JPMorgan were the bookruners on the issue.

Wai Yee Tsang - Journalist