Wendel, an investment holding company, together with existing family owners, the Turnauer Family Trust, have entered into an agreement to buy flexible packaging and labels producer Constantia Flexibles GmbH for about €2.3 billion. To finance the acquisition, Wendel and its consortium of buyers plan to place a €1,215 million term loan B, issued by intermediate holding company Constantinople Acquisition GmbH. We view Constantia Flexibles' business risk profile as "fair" and its financial risk profile as "aggressive." We are therefore assigning our preliminary 'B+' long-term rating to Constantinople Acquisition. At the same time, we are assigning our 'B' issue rating to the company's proposed first-lien term loan and €125 million revolving credit facility. The stable outlook reflects our view that Constantia
