HCP packs $360m dividend recap for Taiwan

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By Shruti Chaturvedi
23 Oct 2014

Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, has launched a Taiwan targeted syndication for $360m for its dividend recapitalisation instead. The company, which has picked four banks to lead the new deal, is offering generous margins in light of the use of proceeds and the high leverage the company will be left with.

The five year borrowing is split into a $330m term loan, with an average life of 4.3 years and a $30m revolving facility. Both offer a margin of 450bp over Libor. The proceeds will be used to upstream dividends to HCP’s sponsor, TPG.

Four banks have been mandated ...

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