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Commentary & Deal Flow

NEW ISSUE: Constantia Flexibles €650m 6NC2 sr sec notes on the road

HYC European Market: Deal Flow - General

Issuer

Term

Call

Size

Ranking

Type

Constantia Flexibles GmbH

6NC2

2yr

€650m

Snr Sec

Fixed

  • Company: Constantia Flexibles
  • Issuer: Constantia Flexibles GmbH (COFAV)
  • Sponsor: One Rock Capital Partners
  • Business: Global leader in flexible packaging
  • Ratings:
    • Corporate Family (Moody's/S&P/Fitch): B2 (stable) / B- (positive) / B (positive)
    • Expected Instrument (Moody's/S&P/Fitch): B2 / B- / B+
  • Issue: Senior Secured Fixed Rate Notes
  • Size: €650m
  • Tenor: 6 years
  • Call Protection: 6NC2
  • Use of Proceeds: Net proceeds of the high yield bond, alongside a €1.25bn 6-year TLB will be used to refinance existing Unitranche debt and other local debt and pay transaction fees and expenses
  • Format: 144A/Reg S
  • Denominations: €100k x €1k
  • Listing: Official List of The International Stock Exchange
  • Target Market: Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.
  • Joint Global Coordinators and Joint Physical Bookrunners: Barclays, BNP Paribas, J.P. Morgan (B&D)
  • Joint Bookrunners: Citi, CACIB, Erste, GS, Helaba, ING, IS, LBBW, MS, MUFG, RBC, RBI, UniCredit
  • Global Investor Call: Monday, 22-Jun-26 @ 11:00 UKT / 12:00 CET
  • Roadshow: Small group 1x1s available on Monday, 22-Jun-26 and Tuesday, 23-Jun-26
  • NetRoadshow: https://www.netroadshow.com/events/login/1PeTHmohM0JnbLTh69wS6l7D1rMJLbWQmFWSd