Commerzbank and the Royal Bank of Scotland will provide EUR 450 million in credit facilities to German glass and plastic packaging manufacturer Gerresheimer AG, the banks said 27 June 2007.
The proce…
Commerzbank and the Royal Bank of Scotland will provide EUR 450 million in credit facilities to German glass and plastic packaging manufacturer Gerresheimer AG, the banks said 27 June 2007. The proceeds of the facilities will be used to refinance existing debt and fund general corporate purposes. The credit facilities are comprised of a EUR 275 million term loan and a EUR 175 million revolving credit facility. Both facilities have a maturity of five years, with a two-year extension option. Pricing on the facilities is in line with similar deals and is likely to be in the region of 60 basis points, a person familiar with the matter said. The banks launched the facilities into syndication in the week ending 24 June 2007 and a bank meeting was held 27 June 2007. The Gerresheimer Group manufactures high-quality primary glass and plastic packaging products with a special focus on the pharmaceutical and life science industry. Gerresheimer, previously owned by private-equity firm Blackstone, was floated on the Frankfurt Stock Exchange in June 2007, raising approximately EUR 1 billion. The company“s initial public offering has been Germany“s largest of the year to date.