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CVC-owned paper firm Lecta says plans to float shares in Spain: Reuters

Paper manufacturing company Lecta, owned by British private equity firm CVC Capital Partners, said on Friday it intended to list on the Spanish stock exchange and raise around 315 million euros ($353.49 million) by issuing new shares.

Those new shares would be sold to institutional investors in a private placement, and the firm said some of its shareholders would also sell all or part of their stock in a secondary offering.

Barcelona-based Lecta – one of southern Europe’s biggest paper manufacturers with mills in Italy, France and Spain – said it would use proceeds from the sale of new shares to pay down debt and cover expenses of the offering, including a bonus to management.

Credit Suisse and UBS are joint global coordinators on the offering.