• Innovative Sharia’a compliant unitranche financing structure
• $45m refinancing with QInvest
• New strategic partnership
Next Wave Partners announces the $45 million refinancing of Petainer Group (“Petainer”) with QInvest, Qatar’s leading investment bank, in what is the first deal of a new strategic partnership. The refinancing is amongst the world’s first Sharia’a compliant unitranche financing structures and will provide capital for the development of new facilities for Petainer as the business continues to grow in new and existing markets.
Stephen Walls, Partner at Next Wave Partners and Chairman of Petainer said: “The new facilities for Petainer create a strong platform to capitalise on global opportunities in the PET large container market and will also accelerate Petainer’s already strong growth in small containers in Western Europe. Next Wave Partners looks forward to working with QInvest to build Petainer into a global player and to future collaborations.”
Alex Armstrong, Head of Financial Institutions and Structured Finance at QInvest said: “We are delighted to be backing Petainer as it embarks on an exciting phase of growth in both developed and developing markets and particularly excited given the innovative nature of the transaction. QInvest looks forward to working further with Next Wave Partners and building a long term partnership.”
Petainer is a world leader in the manufacture of large containers and refillable PET packaging and is also a leading player in the Scandinavian PET bottle market. It is recognised by its customers as being a leading, innovative protagonist in the development of sustainable packaging.
The unitranche is a type of financing that combines senior and subordinated into one instrument; the borrower pays one single combined profit rate to one lender, and the blended rate falls between the rate for senior and subordinated notes. The unitranche instrument was created to simplify structures and accelerate the execution process.
QInvest is pleased to be able to offer this new structure to investors seeking Sharia’a compliant financial solutions.
Petainer also raised a new €15.4 million revolving credit facility with Česká Spořitelna, the leading Czech bank.