PARIS and AUBURN, Ala., March 2, 2017 /PRNewswire/ -- Wendel welcomes the successful repricing and upsizing of the Term Loan B facility (the "Term Loan") of CSP Technologies ("CSP Technologies" or the "Company"), a leading provider of material science and active packaging solutions for healthcare and consumer product applications.
As part of the transaction, the size of the existing Term Loan was increased by $12 million to a total of $178 million, and the interest rate was reduced by 75 basis points to Libor + 525 bps. Proceeds from the incremental Term Loan will be used to repay outstanding borrowings on the existing $25 million revolving credit facility. As a result of the Transaction, the Company expects to reduce its annual interest expense by approximately $1.3 million.
The initial term loan was placed in 2015 to back the acquisition of the Company by Wendel Group and the revolver was drawn to partially fund the acquisition of Maxwell Chase Technologies in March 2016.
Wendel, CSP Technologies' main shareholder with 98.4% of the share capital.
2016 full-year earnings / Publication of NAV (pre-market release)
Shareholders' Meeting / Publication of NAV and trading update (before Shareholders' Meeting)
H1 2017 earnings / Publication of NAV (pre-market release)
By conference call
2017 Investor Day / Publication of NAV and trading update (pre-market release)
About CSP Technologies
CSP Technologies is a global provider of custom polymeric solutions and specialty protective packaging. Using patented Activ-Polymer™ advanced desiccant polymer technology, CSP Technologies manufactures innovative protection solutions that enhance the stability, shelf life and convenience of our customers' products. The company was founded in 1928 and is headquartered in Auburn, Alabama with manufacturing facilities in Niederbronn, France.
For more information, please visit http://csptechnologies.com
Wendel is one of Europe's leading listed investment firms. The Group invests internationally, in companies that are leaders in their field, such as Bureau Veritas, Saint-Gobain, Cromology, Stahl, IHS, Constantia Flexibles and Allied Universal. Wendel plays an active role as industry shareholder in these companies. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Through Oranje-Nassau Développement, which brings together opportunities for investment in growth, diversification and innovation, Wendel is also a shareholder of exceet in Germany, Mecatherm in France, Nippon Oil Pump in Japan, Saham Group, SGI Africa and Tsebo in Africa and CSP Technologies in the United States.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor's ratings: Long-term: BBB-, stable outlook – Short-term: A-3 since July 7, 2014. Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of "Grand Mécène de la Culture" in 2012.
For more information: www.wendelgroup.com
Follow us on Twitter @WendelGroup and @_FLemoine_
Analyst and investor contacts
Christine Anglade-Pirzadeh: +33 (0)1 42 85 63 24
Olivier Allot: +33 (0)1 42 85 63 73
Caroline Decaux: +33 (0)1 42 85 91 27
Elisa Muntean: +33 (0)1 42 85 63 67
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