You are here:
24 February 2021 / deal

Loyens & Loeff Luxembourg advises Klöckner Pentaplast on its successful refinancing, first to incorporate ESG-linked ratchet

We advised Klöckner Pentaplast, a leading global manufacturer of high barrier protective packaging solutions with industry-leading use of recycled content, with the successful completion of the company’s refinancing.

deal-klöckner-pentaplast-refinancing

The refinancing of Klöckner Pentaplast included €1.2 billion (equivalent) senior secured term loans denominated in euro and U.S. dollars, €400 million of senior secured notes and €300 million of senior unsecured notes. This refinancing is the first of its kind to incorporate an ESG-linked term loan ratchet marketed to U.S. investors, integrating performance on key ESG issues with set targets for 2025.

Klöckner Pentaplast, with the support of its majority shareholder Strategic Value Partners, LLC and its affiliates, has successfully positioned itself as a global sector leader, focusing on its core market segments of Pharma, Health & Protection and Proteins. The company remains committed to a comprehensive ESG and sustainability strategy.  

The Loyens & Loeff Luxembourg team putting together corporate and finance experts was led by corporate partner Siobhán McCarthy, with senior associate Kristof Jansen and associate Zuzanna Ostromecka. The team further consisted of finance partners Anne-Marie Nicolas and Cédric Raffoul, senior associate Alvaro Garrido Mesa and associates Sixtine Auguet and Martina Benackova. Partner Michael Scott remained responsible for the matter.

For more information on this deal, please refer to our client’s press release.

 



International Insolvency & Restructuring Report 2021/22 - External column

Struggles of creditors in Luxembourg bankruptcy proceedings

International creditors face challenges when it comes to bankruptcy proceedings. Here are the key elements to carefully check in such situations. read more
To benefit post Brexit

Recognition of UK schemes of arrangement after Brexit

The most likely way to have them recognised in Luxembourg is by applying to the local courts for an exequatur recognition procedure. read more
ICLG securitisation Luxembourg 2021

Relationship Between Debt Funds and the Securitisation Regulation

This chapter assesses whether the Securitisation Regulation should be applicable to AIFs as issuers and securitisation special purpose entities. read more