Milbank advised Barclays Bank Ireland PLC and HSBC Continental Europe S.A. as arrangers of an €120 million increase of an existing Term Loan B facility of Paccor Group, a European manufacturer of rigid packaging, to finance the acquisition of Miko Pac. Paccor Group's financing includes, inter alia, a syndicated Term Loan B facility and a Revolving Credit Facility with a total volume of €487 million.
Paccor announced the acquisition of Miko Pac, the packaging division of Miko NV, Belgium, in March 2021. Headquartered in Düsseldorf, Germany, Paccor develops innovative and sustainable packaging solutions for the protection of food products, the foodservice market and for household and personal care products. The company employs more than 3,700 people in 18 countries.
Miko Pac is a global plastic packaging manufacturer with more than 500 employees at its manufacturing facilities in Belgium, Poland and Indonesia as well as at its sales offices in France and Germany. Miko Pac was founded more than 45 years ago and is known as a specialist in thermoforming, injection molding and in-mold labeling.
Milbank advised Barclays Bank Ireland PLC and HSBC Continental Europe S.A. on the financial aspects of the transaction.
The Milbank team included Barbara Mayer-Trautmann (lead), Jennifer Seipelt and Silvia Lengauer (all Finance, Munich).
