Mergers & Acquisitions ·
Silgan Holdings secures lender consent to spin off metal packaging unit for $1.3B
SLGNSilgan Holdings Inc
Silgan Holdings Inc. entered into a Consent to Amended and Restated Credit Agreement with its lenders, permitting the designation of Silgan Metal Packaging LLC as an Unrestricted Subsidiary. This corporate restructuring facilitates the previously announced transaction to contribute its metal food and general line containers business to the new subsidiary. The consent allows Silgan to test covenant compliance as if the spin-off were a limited condition acquisition and permits the use of net proceeds from the transaction to redeem existing senior notes due 2028 and 2031. Silgan Holdings Inc. operates in the packaging industry, manufacturing metal, plastic, and paper containers for food, beverage, and consumer goods.