MAUSER receives overwhelming support from lenders to amend and extend senior debt facilities

14th May 2013

MAUSER Group (‘MAUSER’ or the ‘Company’), a worldwide leading company in industrial packaging, announced today that it has received overwhelming support from its lenders to amend and extend the maturities of more than 96% of its senior debt facilities totaling €678 million. MAUSER also received the consent of 95% of all its lenders to other requested amendments, significantly surpassing the required 66.7% threshold. MAUSER is wholly owned by Dubai International Capital, the private equity arm of Dubai Holding.

Hans-Peter Schäfer, Chief Executive Officer of MAUSER Group, commented:
“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 delivered another year of robust financial performance. It reported an all-time high EBITDA of €134 million, at a healthy EBITDA margin of 11.6%. Since 2009, MAUSER revenues have grown by a compound annual growth rate of 12%.

The transaction will:

  • Extend the maturity of the Group’s €290 million term loan B to December 2016 from June 2015.
  • Extend the maturity of the Group’s €290 million term loan C to June 2017 from June 2016.
  • Extend the maturity of the Group’s €23 million drawn amount under the acquisition facility to June 2016 from June 2014.
  • Extend the maturity of the Group’s €75 million revolving facility from June 2014 to June 2016.

The extended senior debt will have a 2% margin uplift, resulting in a blended senior rate of 4.4% over Euribor.

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

About MAUSER Group
MAUSER Group is a worldwide leading producer of industrial packaging with approx. 4,400 employees and consolidated revenue of some EUR 1.2 billion. Founded in 1896 and headquartered in Bruehl near Cologne (Germany), the Company has influenced the international market through innovative packaging technologies. The portfolio caters to customers in the chemical, agrochemical, petrochemical, and pharmaceutical sectors as well as in the food and beverage industries, and includes plastic packaging, fiber drums, steel drums, Intermediate Bulk Containers (IBC), and reconditioning services through the National Container Group (NCG), a MAUSER subsidiary. MAUSER provides sustainability-oriented full cycle services – from production to recycling (“ECO-CYCLE®”). The Company is present in 16 countries around the globe, with more than 60 MAUSER/NCG sites and multiple Joint Ventures in Europe, the Americas and Asia, in addition to two renowned global networks: MIPI® representing leading manufacturers of plastics drums and IBCs, and Drumnet® an international organization of steel drum producers.