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DIC-owned Mauser extends its €695m debt

Industrial packaging manufacturer Mauser received €580m in senior debt, along with €115m in revolving credit and acquisition facilities.   

Dubai International Capital-owned German industrial packaging manufacturer Mauser has reached an “amend and extend” agreement with its senior lenders Barclays Capital and Bank of America Merrill Lynch for 96 percent of its €695 million senior debt.

Collectively, Barclays and Merrill Lynch have pushed back the maturity of the company's €290 million term loan B from June 2015 to December 2016 and its €290 million term loan C from June 2016 to June 2017.

Barclays and Merrill Lynch also extended the maturity of the company's €75 million revolving credit facility, as well as the €23 million of its acquisition facility that the company has drawn, from June 2014 to June 2016.

The loans will have a 2 percent margin uplift, resulting in a blended senior rate of 4.4 percent over Euribor.

“Their willingness to extend maturities to the fullest extent possible demonstrates their confidence in the business,” Hans-Peter Schäfer, chief executive officer, said in a statement.

He believes the funding will provide the firm with a “low-cost, flexible and longer-term capital structure,” which will allow the firm to further capitalise on its “global market-leading position in the industrial packaging sector”.

Mauser was acquired by DIC in a secondary buyout from One Equity Partners in 2003. The company traces its roots back to 1896 – and has an annual revenue growth average of 12 percent since 2009. Last year, it reported an EBITDA of €134 million.