CANPACK secures USD 520 million financing from Wells Fargo Bank with DZP’s support

DZP advised Wells Fargo Bank on the Polish law aspects of a USD 520 million asset-based revolving credit facility for CANPACK Group. This was Wells Fargo Bank’s first asset based financing granted directly to Polish borrowers. The transaction therefore required not only legal support, but also close guidance on the Polish legal and market environment. DZP assisted the bank and its US counsel in aligning international financing standards with Polish law requirements, helping to structure solutions that were both familiar to the lender and effective under Polish law.

The new five-year facility refinances and extends CANPACK’s existing USD 400 million and EUR 100 million multi-currency revolving facilities. It will also provide funding for general corporate and working capital purposes.

Wells Fargo Bank acted as Joint Lead Arranger, Administrative Agent and Collateral Agent. The facility was arranged together with Citibank N.A. and BNP Paribas as Joint Lead Arrangers, with J.P. Morgan, ING Capital LLC and PKO Bank Polski S.A. also participating as lenders.

CANPACK Group, part of Giorgi Global Holdings, is a global manufacturer of aluminium beverage cans and packaging solutions for the food and beverage industries, as well as glass bottles and metal closures. The group employs approximately 8,500 people worldwide and operates in 15 countries.

Goldberg Kohn acted as lead US counsel to Wells Fargo Bank, while DZP advised on Polish law matters.

The DZP team included Magdalena Skowrońska, Partner and Head of the Capital Markets and Financial Institutions Practice, together with Tomasz Kalicki, Counsel, and Jan Poniatowski, Associate, from her Practice, as well as Michał Cecerko, Partner specializing in restructuring and insolvency proceedings.