Berlin Packaging firms $1.07 billion term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 13 – Berlin Packaging finalized pricing on its $1.07 billion term loan B (B3/B-) due March 11, 2028 at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

Also, the erroneous payment language was changed to a clawback period for agents to notify lenders of an error limited to 10 business days from unlimited previously, the source said.

The term loan still has a 0.5% Libor floor, an original issue discount of 99, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, Barclays, Jefferies LLC and MUFG are the lead arrangers on the deal.

Proceeds will be used to refinance an existing first-lien initial term loan, first-lien tranche B-1 term loan and second-lien term loan, fund cash to the balance sheet and pay transaction-related fees and expenses.

Oak Hill and CPPIB are the sponsors.

Berlin Packaging is a Chicago-based supplier of packaging services.

© 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.