Apax Partners is lining up around €1bn of leveraged debt financing to support its acquisition of two businesses from German packaging specialist Gerresheimer, according to a report by Bloomberg citing unnamed people familiar with the transaction.
The financing is expected to comprise leveraged loans, including term debt and a revolving credit facility. The debt could be syndicated to institutional investors later this year, with the lending group expected to be finalised shortly, the sources said.
Apax agreed in July to acquire Gerresheimer’s Primary Packaging Plastics (PPP) and Centor US Holding, a US-based manufacturer of pharmacy packaging. The private equity firm did not disclose the purchase price but said the combined businesses had an enterprise value of €1.5bn.
Apax reportedly declined to comment, while representatives for PPP and Centor reportedly did not immediately respond to requests for comment.
