Lecta to go public, plans to raise €315m in new shares
27 May 2017
Lecta has confirmed its stock exchange listing plans in Spain. The offering is expected to take place in the coming weeks.
Specialty and coated fine paper manufacturer Lecta intends to float its shares on the Spanish stock exchange. The company, which is owned by the private equity firm CVC Capital Partners, announced its plans to issue new ordinary shares in a private placement with institutional investors. Besides, certain Lecta shareholders would sell part or all of their shares in the company in the offering.
Lecta intends to raise approximately €315m through the issuance and listing of new shares, the company announced. It planned to use the money to partially redeem certain 2022 and 2023 senior secured notes and pay estimated €40m in costs and expenses related to the offering, Lecta said.
According to Lecta, the company will apply for trading of the shares on the stock exchanges in Madrid, Barcelona, Bilbao and Valencia. Credit Suisse and UBS are joint global coordinators. Rothschild is acting as financial advisor in the offering. The offering is expected to take place in the coming weeks.
Lecta runs seven paper mills in Spain, Italy and France with a manufacturing capacity of close to 2 million t of woodfree coated paper, specialty paper, base paper and pulp.