Film manufacturer Klöckner Pentaplast (Montabaur / Germany; www.kpfilms.com) recently received a EUR 1.6 bn bond for funding, among other things, the purchase of Linpac Packaging (Featherstone / UK; www.linpac.com, see Plasteurope.com of 07.04.2017). The successful completion of the acquisition was announced on 3 July, after approval by the relevant regulatory authorities. In addition to financing the purchase, the bond is to be used for the restructuring of certain Linpac liabilities as well as a special dividend to owner Strategic Value Partners (SVP, Greenwich, Connecticut / USA; www.svpglobal.com). It is unclear whether the already high debt burden of the company, which is about USD 1.8 bn, has further increased.

SVP has been trying, unsuccessfully, to sell both portfolio companies for several years. The combined companies, with a total turnover of EUR 1.86 bn and adjusted EBITDA of EUR 270m, are expected to hold an IPO on the New York Stock Exchange.