Lecta insists it can deliver coupons as it seeks to revamp capital structure
Barcelona-headquartered paper company Lecta is appealing to bondholders as it tries to strengthen its capital structure. Its bonds are now trading in the 30s while the CVC-sponsored company has fully used its revolving credit facility and is running out of external sources of financing.
Lecta is in the process of transitioning from coated wood-free paper — mainly used in print magazines — to higher-margin speciality papers — used, for example, in receipts — but the changes require additional capital expenditures which it is struggling to finance.Andrea Minguzzi, the Lecta chief financial officer ...
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