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Private equity-backed packaging company Mauser extends senior debt

14 May 2013

German industrial packaging company Mauser said it has received “overwhelming” support from its lenders to amend and extend the maturities of more than 96 per cent of its senior debt facilities totalling €678m.

The company, which is wholly owned by Dubai International Capital, the private equity arm of sovereign wealth investor Dubai Holding, also received the consent of 95 per cent of all its lenders to other requested amendments, significantly surpassing the required 66.7 per cent.

Hans-Peter Schäfer, CEO, Mauser, said, “We are grateful to our lenders for their near unanimous support for our amend and extend proposals. Their willingness to extend maturities to the fullest extent possible demonstrates their confidence in the business. This hugely successful transaction has helped us achieve a low-cost, flexible and longer-term capital structure and gives us the ability to further capitalise on our global market leading position in the industrial packaging sector.

“We can now focus on building on what has been an excellent few years for us as a company, during which time we have achieved strong growth in the face of a difficult economic climate and have outperformed our peers.”

In 2012, Mauser reported an all-time high EBITDA of €134m, at a healthy EBITDA margin of 11.6 per cent. Since 2009, its revenues have grown by a compound annual growth rate of 12 per cent.

The transaction will extend the maturities of the firm’s loans, while the extended senior debt will have a two per cent margin uplift, resulting in a blended senior rate of 4.4 per cent over Euribor.

Bank of America Merrill Lynch and Barclays acted as joint lead arrangers for the transaction.

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