Logoplaste finalizes €440 million term loan at Euribor plus 375 bps

By Sara Rosenberg

New York, April 21 – Logoplaste (Mar Bidco Sarl) firmed pricing on its €440 million seven-year covenant-lite term loan B at Euribor plus 375 basis points, the low end of revised talk of Euribor plus 375 bps to 400 bps and down from initial talk in the range of Euribor plus 400 bps to 425 bps, according to a market source.

The euro term loan still has a 0% floor and an original issue discount of 99.5.

The company is also getting a $303 million seven-year covenant-lite term loan B priced at Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 99.5, and an €80 million equivalent sterling pre-placed term loan.

Both the U.S. and the euro term loans have 101 soft call protection for six months and amortization on the U.S. term loan is 1% per annum.

Earlier in syndication, pricing on the U.S. term loan finalized at the low end of the Libor plus 425 bps to 450 bps talk.

Goldman Sachs is the sole active bookrunner on the U.S. loan. BNP Paribas and Goldman are the joint active bookrunners on the euro loan. Barclays, Credit Suisse, ING, Mizuho and Rabobank are passive bookrunners.

Proceeds will be used to help fund Ontario Teachers’ Pension Plan Board’s acquisition of the Carlyle Group’s majority stake in the company, to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

Current Logoplaste shareholders Filipe de Botton and Alexandre Relvas will retain their approximately 40% stake in the business.

Closing is subject to customary regulatory approvals.

Logoplaste is a Portugal-based designer and manufacturer of rigid plastic packaging solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.