Chinese packaging company HCP, which was acquired by private equity firm TPG in 2012, is tapping US institutional investors with a $380 million covenant lite loan financing.
The Shanghai-based company is the latest to try the US market, following another packing company Goodpack, which is courting investors in the US and Asia for its $720 million term loan to fund KKR’s leveraged buyout.
Bank of America Merrill Lynch, BNP Paribas and Citi are mandated lead arrangers for HCP's loan. Citi is the lead left.
The institutional US investor market offers far greater flexibility for borrowers as well as longer tenors compared...