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Treofan refinances credit lineTreofan refinances credit line

Biaxially oriented polypropylene (BOPP) film maker Treofan Group (Raunheim, Germany) has secured a new €75 million revolving credit facility from a consortium of banks, refinancing the revolving credit facility after showing a strong operating performance of late and completing a debt-to-equity swap last September. The original revolving credit facility was granted in 2006 by Goldman Sachs Lending Partners and has now been replaced by the new credit line extended by multiple banks, including Deutsche Bank, Commerzbank, and UniCredit.

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Carlo Ranucci, Treofan CEO called the financing maneuver an "important milestone in the ongoing work to improve the performance and the position of [Treofan] in the market. Formerly a manufacturer of BOPP and cast PP film, the company began a reorganization of the latter unit in 2005, consolidating production in Italy, including the closure of a site in San Gimignano. In 2008, it decided to sell a cast PP plant in the Calabria region of Italy, at Lamezia. In September 2007, Treofan negotiated a more flexible loan agreement to support expansion plans, working with J.P. Morgan and other lenders to extend its senior secured revolving credit facility, increasing the total commitment from €60 million to €80 million. In June 2006, the company announced plans to make a €36 million investment in its Zacapu, Mexico operation, doubling capacity there. 

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