Milbank Advises on the Financing of Triton and ADIA’s Acquisition of IFCO Systems

Milbank LLP advised a group of major financial institutions in the launch of the first / second lien cov-lite financing (including a €1.09 billion seven-year term loan B for IFCO Systems), a specialist in packaging solutions for fresh foods headquartered in Germany.

Proceeds, along with a new $160 million privately placed USD TLB and a new $204 million-equivalent privately placed, second lien term loan, will be used to back funds advised by Triton and Abu Dhabi Investment Authority (ADIA)’s acquisition of IFCO from Brambles in Australia. The package will be completed with a €150 million RCF and a $250 million capex facility. This is Germany’s second largest 2019 private equity buyout.

The Milbank team was led by Global Leveraged Finance/Capital Markets partners Suhrud Mehta, Thomas Ingenhoven, and special counsel Randy Nahlé and associates Laura Bonamis, Francesca Mosely, Jordan Zaluski and Rahul Chatterji, Corporate associate Andrew Reilly, Tax partner Thomas Kleinheisterkamp, special counsel Matthew Mortimer and associate James Seddon.