Exopack launches $400 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, May 11 - Exopack Holdings Corp. launched on Wednesday its $400 million six-year covenant-light term loan with price talk of Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source.

There is 101 soft call protection for one year, the source said.

The company's $475 million credit facility also includes a $75 million five-year ABL revolver.

Bank of America Merrill Lynch and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds, along with $225 million of senior unsecured notes, will be used to repay all outstanding borrowings under the company's existing revolver, purchase any and all of its outstanding 11¼% senior notes due 2014 and make a distribution to stockholders.

Exopack is a Spartanburg, S.C.-based full-service paper and plastic flexible packaging products manufacturer.

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