Stone Canyon Industries, LLC ("SCI"), today announced the recapitalization of its subsidiary, SCI PH Inc. ("SCI Packaging"), the parent of BWAY and Mauser and a leading global supplier of rigid packaging products and services.

The transaction includes the issuance of an aggregate of $850 million of (i) Series A Senior Non-Voting Perpetual Preferred Stock to affiliates of Canyon Capital Advisors LLC ("Canyon"), the Public Sector Pension Investment Board ("PSP Investments") and existing investors; and (ii) Series B Junior Non-Voting Convertible Preferred Stock ("Series B Preferred Stock") to investors led by affiliates of Ontario Teachers' Pension Plan ("Ontario Teachers'") and including affiliates of Arcadia Investment Partners LLC ("Arcadia") and PSP Investments, constituting a minority equity investment in SCI Packaging (on an as-converted basis). The proceeds from the offerings will be used for general corporate purposes, including to make a distribution to existing equityholders.

"We are pleased to partner with Ontario Teachers', Canyon, PSP Investments and Arcadia, and look forward to working together," said Ken Roessler, CEO of BWAY. "The combined company continues to perform strongly. Bringing together these partners represents the next step in the evolution of the company as a global leader in the rigid packaging space."

"Stone Canyon welcomes our new shareholders," said Stone Canyon Packaging Chairman James Fordyce. "We are excited to have them join us in building one of the world's largest rigid packaging companies. Ken Roessler and his team have done a wonderful job. We thank them for their hard work."

 

Source: prnewswire.com

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