(Bloomberg) -- Private credit funds are working on plans to provide as much as $2.5 billion to finance the sale of US packaging firm Trivium Packaging, people with knowledge of the matter said.

Trivium’s shareholders Ardagh Group SA and Ontario Teachers’ Pension Plan Board are exploring selling the company and so are looking at putting together a staple financing package for potential bidders to use. The private debt would include tranches denominated in both dollars and euros, said the people, who asked not to be identified.

The process is ongoing and there is no certainty that it will culminate with a sale of the company, which might fetch more than $3.5 billion, the people said. The owners previously explored a deal in 2021.

Trivium, formed in 2019 through the merger of Ardagh’s food and specialty packaging business and OTPP-backed Exal Corp., produces metal packaging products for sectors including food, beauty and home care. It generates earnings before interest, taxes, depreciation and amortization of just under $500 million, the people said.

Trivium and Ardagh did not immediately reply to requests for comment, while OTPP declined to comment.

The renewed effort to dispose of Trivium comes as Ardagh is exploring alternatives to deal with its debt, which totals around €10 billion ($10.8 billion). Ardagh has picked Houlihan Lokey Inc. and Kirkland & Ellis LLP as advisers, while its creditors have also organized in different groups.

Read more: Ardagh Creditor Groups Gear Up For Debt Talks With Company

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