Clondalkin to refi bonds through new dollar loans
Clondalkin, the Netherlands-based packaging group, will refinance its outstanding high yield bonds through dollar-denominated loans, although market expectations had been for a new bond issue.
The group plans to raise $455m from a $350m first lien term loan due 2020 and a $105m second lien term loan due 2021. The facilities come alongside a $35m revolving credit facility due 2018, which Standard & Poor’s expects to remain undrawn.
With the loans, €85m of cash,
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