Neenah Completes Purchase of ITASA
News General news
Neenah, Inc. (NYSE: NP) announced today that it had completed the previously announced agreement to acquire Global Release Liners, S.L., the parent company of Industrias de Transformacion de Andoain, S.A. (“ITASA”), from Magnum Capital and other minority shareholders.
The Company funded the purchase price of approximately €205 million, inclusive of debt extinguishment and subject to customary closing adjustments, through available cash-on-hand and an upsizing of Neenah’s existing Term Loan B from $200 million to $450 million. Interest rates on the Term Loan B are variable and are currently at 3.5 percent.
Neenah will continue to maintain a strong liquidity position, with ample availability under its revolving credit line and a projected debt to EBITDA of approximately three times after closing the transaction.
