Dubai International’s Mauser extends 96% of debt

According to unquote" data, the company's debt was provided by Barclays and Citigroup in the original acquisition of Mauser by Dubai International in May 2007, which gave Mauser an enterprise value of €850m.

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

The approved amend-and-extend request by Mauser has seen its lenders push back the maturity of the company's €290m term loan B from June 2015 to December 2016 and its €290m term loan C from June 2016 to June 2017.

Mauser's lenders have also extended the maturity of the company's €75m revolving credit facility, as well as the €23m of its acquisition facility that the company has drawn, from June 2014 to June 2016.

The extension of the loans' maturities has resulted in a 2% margin increase, meaning the company will now pay an interest rate of 4.4%. Barclays and Bank of America Merrill Lynch acted as joint lead arrangers.

Dubai International acquired Mauser in a secondary buyout from One Equity Partners. One Equity bought the company in 2003 for an undisclosed amount, which was supported by a €55m debt facility provided by Bank of Scotland.

In 2009, Dubai International injected an additional €25m into the company in a bid to cure the covenant breach that had taken place early that year, according to unquote" data.

Mauser is an industrial packaging manufacturer for the chemical, pharmaceutical and food and beverage sectors. Its products include plastic packaging, steel drums and fibre drums.

The company was founded in 1896 and is headquartered in Brühl. It employs 4,400 staff and recorded revenues of around €1.2bn in 2012, with an EBITDA of €134m. Mauser's revenues have grown annually by about 12% since 2009.

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• Topics
• DACH
• Industrials
• One Equity Partners
• Refinancing
• Germany