Article
Loparex’s Bid to Refi via Private Credit Falters
By: Geoff Burrows
Pamplona Capital Management-backed Loparex’s efforts to refinance its upcoming debt maturities via private credit have faltered, according to sources.
The privately held company has consulted with PJT Partners to evaluate options, the sources said. S&P Global Ratings noted that the developer and producer of specialty paper and film release liners faces an elevated refinancing risk with about $700 million of first lien term loans due in February 2027. Weak demand in 2026 is expected to raise adjusted debt-to-EBITDA above 10x and lead to cash flow deficits persisting during the fiscal year, according to S&P Global Ratings .
Loparex completed a liability management exercise in 2024. In the first stage of the Loparex transaction, 75% of the first lien lenders provided $135 million of new money in the form of tranche A of a new superpriority term loan facility due February 2027.
They also swapped their $334 million of the $354 million U.S. dollar S+450 bps first lien loan due July 2026 and $76 million of the $194 million euro E+525 bps first lien loan due July 2026 for first-out with a total principal of $175 million, $280 million of S+450 bps second-out term loan and $120 million of S+450 bps third-out term loan. Goodwin Proctor as well as PJT Partners advised Loparex on the deal, while lenders received advice from Akin Gump as well as Lazard.
An estimate of the company’s capital structure as of Sept. 30, 2025, is shown below:
The average price of the company’s SOFR+450 bps first lien term loan B due 2027 is 92.19 as of today, roughly flat compared with three months ago, according to Solve.
Loparex, sponsor Pamplona and PJT Partners did not respond to requests for comment.
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