Transaction will scale back internet debt and supply Pretium with enhanced liquidity to capitalize on ongoing operational initiatives to strengthen its monetary profile and drive development
ST. LOUIS, Oct. 2, 2023 /PRNewswire/ — Pretium Packaging, L.L.C. (“Pretium” or the “Company”) as we speak introduced that it reached an settlement with a majority of its first lien lenders for a complete transaction that features new debt financing and an change of current debt. The transaction will present the Company with enhanced liquidity and scale back internet debt. All current first lien lenders will probably be provided the chance to take part within the transaction.
Pretium is a number one full-service designer and producer of sustainable packaging options for specialised purposes throughout a various set of finish markets spanning meals and specialty beverage, healthcare, wellness, private care, and family & industrial chemical. The Company has a world footprint of 25 extremely automated working crops with an entire spectrum of engineering, manufacturing, and resin applied sciences. Pretium’s multi-use packaging options are based mostly totally on PET, HPDE, and polypropylene resin and embrace a wide selection of post-consumer recycled supplies, making it a number one alternative for purchasers targeted on sustainability.
“We want to thank our lenders and sponsors for his or her continued assist and partnership as we pursue the subsequent section of Pretium’s development,” stated Paul Kayser, CEO, and Adam Doane, COO, of Pretium. “The transaction permits the Company to fortify its stability sheet and gives ample liquidity to capitalize on our development and profitability initiatives whereas delivering high-quality and sustainable packaging options to our valued prospects and persevering with to build upon our long-term relationships with our provide companions.”
Evercore Group LLC served as unique monetary advisor, and Kirkland & Ellis LLP served as unique authorized advisor to the Company.
Davis Polk & Wardwell LLP served as unique authorized advisor to the advert hoc group of lenders.
About Pretium
Pretium makes a speciality of innovation and automation of a number of inflexible packaging applied sciences in a various set of finish markets together with meals and specialty beverage, healthcare, well being and wellness, private care and wonder, and family and industrial merchandise. The firm’s multi-use packaging options are based mostly totally on PET, HDPE, and polypropylene resin, with a wide selection of choices together with as much as 100% post-consumer recycled materials content material, making it a most popular alternative for purchasers targeted on sustainability. Pretium differentiates itself via responsiveness, breadth of product choices, brief changeover instances, and a nationwide footprint of 25 automated manufacturing amenities. More info is available at www.pretiumpkg.com.
Media Contacts
For Pretium:
Marny Bielefeldt
Ph: +1 314 427 4300 x 51183
[email protected]
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SOURCE Pretium Packaging
