Klockner Pentaplast - comment

Over 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a defensive move against various tactics that loose debt documentation has afforded to sponsor owners (e.g. drop-down and up-tiering transactions). In the case of KP, the company as per its Q2 2024 call is aiming for a refinancing in Q4 2024 to address upcoming debt maturities through a regular refinancing or through the private credit market and hence the rationale for this measure by existing lenders.