Kirkland has advised Klöckner Pentaplast (“kp”), a leading global manufacturer of high barrier protective packaging solutions, and its majority shareholder Strategic Value Partners, LLC and its affiliates (“SVPGlobal”) on the successful completion of kp’s entire capital structure refinancing. The refinancing includes €1.2 billion (equivalent) senior secured term loans denominated in euro and U.S. dollars, €400 million of senior secured notes and €300 million of senior unsecured notes. This refinancing is the first of its kind to incorporate an ESG-linked term loan ratchet marketed to U.S. investors, integrating performance on key ESG issues with set targets for 2025.